Fuel prices go up today, Tuesday | Inquirer News

Fuel prices go up today, Tuesday

/ 06:37 AM March 31, 2015

Oil firms are increasing pump prices this week as traders turn to storage amid analyst predictions that the US supply glut would not last long.

Seaoil and other oil firms said in separate announcements they would raise gasoline prices by P1.10 per liter, diesel by 60 centavos per liter, and kerosene by 80 centavos per liter.

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Eastern Petroleum and Phoenix Petroleum said they would implement similar price hikes for gasoline and diesel. Both do not sell kerosene.

The price adjustments for most oil firms were to take effect at 12:01 a.m. March 31.

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Phoenix Petroleum was starting the adjustment a little later at 6 a.m.

Other firms have not made official announcements but are expected to implement similar changes since most of the fuel sold in the Philippines is imported and vulnerable to the same set of price factors.

With this week’s adjustments, gasoline prices will have had a net increase of P1.37 per liter. Diesel prices have had a net decrease of P1 per liter since January.

Industry players said it seemed like “a normal trading upswing” as industry analysts said expectations of a lingering supply glut in the United States were “exaggerated.”

“It’s a smaller reversal than last week’s rollback,” Eastern Petroleum president Fer Martinez said in a text message.

Last week, oil firms announced downward price adjustments of P1.10 per liter for gasoline, 95 centavos per liter for diesel and 90 centavos per liter for kerosene.

Oil prices dropped dramatically in the second half of 2014 following mixed price signals in the first half. Riza T. Olchondra

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TAGS: Eastern, Oil price hike, Phoenix, pump prices, Seaoil Philippines Inc.
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