AP FILE PHOTO
OIL firms again raised the prices of their products as trading gains were tempered by expectations US shale oil production will regain momentum if prices continue to recover.
Petron, Shell and Seaoil raised the prices of gasoline and kerosene by 10 centavos per liter effective at 6 a.m. today (Tuesday). There was no change in diesel prices.
PTT Philippines increased gasoline prices by 10-centavo per liter.
The increase was much lower than last week, when local oil companies raised by P1.60 per liter the price of gasoline, P1.25/liter for diesel, and P1.15/liter for kerosene.
Including the latest adjustments, gasoline prices have so far increased by 37 centavos per liter and diesel prices by P1.20 per liter since January 2016.
Market analysts believe the oil price rallies in the past few weeks will be shortlived as market supply and demand fundamentals remain largely unchanged. That is, there is an underlying supply glut that could trigger price slides anytime. Riza T. Olchondra