Oil companies raise pump prices for the 2nd week

MANILA, Philippines — Pump prices went up for the second week in a row as global demand for crude oil began to mount while lockdown measures started easing across the globe.

Petron, Shell, Seaoil, Total and PTT raised diesel prices by 55 centavos per liter, up for the fifth time in 20 weeks.

Gasoline prices went up for the sixth time so far this year, by P1.25 per liter. Petron, Shell and Seaoil also raised the price of kerosene by P2.35 per liter.

This was the third increase for the cooking and lighting fuel.

As of press time at the crude oil futures market, Brent crude prices was pegged at $33.88 per barrel from $29.63 per barrel on May 11. Dubai crude was pegged at $29.20 per barrel as of May 14, rising from $27.14 per barrel a week before.

—Ronnel W. Domingo