Fuel prices up anew

Pump prices of petroleum products rose on Tuesday for the third straight week as the international market reacted to the decrease in active oil rigs in North America.

Local oil firms raised prices as early as midnight of Tuesday, with diesel rising by 80 centavos per liter and gasoline by P1 per liter.

As of press time on Monday, the companies that announced price increases included Pilipinas Shell Petroleum Corp., Flying V, PTT Philippines Corp., Seaoil Philippines Inc. and Phoenix Petroleum Philippines Inc.

Flying V, Shell, Seaoil, and PTT also raised kerosene prices by 85 centavos per liter.

Based on data from the Department of Energy, the latest price changes would bring diesel prices in Metro Manila to the range of P29.63 to P34.85 per liter at the pump.

Gasoline prices would now be within the range of P38.95 to P49.76 a liter. Kerosene prices would now be at P33.07 to P42.05 a liter.

According to the International Energy Agency (IEA), preliminary indications suggest that global demand growth rebounded to 1.5 million barrels daily in the second quarter of 2017 after falling to a three-year low of 1 million barrels daily in the first quarter.

IEA said such indications were supported by strong year-on-year data for the members of Organization for Economic Cooperation and Development as well as in developing economies.