Oil prices up

FUEL prices increased this week amid reports of more oil rig closures globally, resulting in declining production. It was the sixth straight weekly price increase in Manila for gasoline and the first for diesel after having had no price change last week.

Major oil firms Petron will have raised gasoline prices by 40 centavos per liter, diesel by 15 centavos per liter, and kerosene by 10 centavos per liter from 6 a.m. on Tuesday, March 29.

Another major oil firm, Shell, will have raised gasoline prices by 40 centavos per liter, diesel by 20 centavos per liter, and kerosene by 10 centavos per liter from 6 a.m. on Tuesday, March 29.

Seaoil, one of the larger minor oil firms, has announced it would make similar price adjustments for gasoline, diesel and kerosene.

Fuel dealers that do not carry kerosene products, such as Phoenix Petroleum, Thai-led PTT Philippines, and Unioil, will adjust prices for gasoline by 40 centavos per liter, and diesel by 20 centavos per liter.

Other oil firms had not made official announcements as of press time but are expected to make similar adjustments as most fuel products sold in the country are imported, thus subjected to similar price factors such as the international oil price, foreign exchange rates and taxes.

Including this week’s price hikes, prices of major fuel products will have risen by P0.77 per liter for gasoline and P1.40 to P1.45 per liter for diesel.

The global oil market is still in oversupply, but reports of declining oil rig count during last week’s trading may have helped push prices up.