‘Brexit’ prompts fuel price rise

OIL FIRMS raised pump prices Tuesday morning to reflect increases in international prices in the run-up to the British vote to leave the European Union, which sent prices falling.

From 6 a.m. Tuesday, gasoline prices went up by 65 centavos a liter and diesel by 40 centavos.

Announcements were made as of press time by Shell, Seaoil, Phoenix, Unioil, Flying V, Eastern Petroleum and PTT Philippines Corp.

Shell, Seaoil and Flying V said they were also raising kerosene prices by 35 centavos per liter.

“This is to reflect movements in the international petroleum market,” Seaoil president and chief executive Glenn Yu said.

As the United Kingdom voted to leave the European Union on Friday, world oil prices plunged by at least 6 percent, with the US benchmark West Texas Intermediate for delivery in August down $3.11, or 6.21 percent, at $47 a barrel.

Also Brent crude for August was down $3.14, or 6.17 percent, at $47.77.

Yu said the effects of the Brexit vote would not be felt until next week as local companies adjust prices based on the preceding week.

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