Oil prices up; diesel costlier by P0.70
The country’s oil firms on Tuesday raised the price of diesel by P0.65 to P0.70 per liter, kerosene by P0.70 per liter and gasoline by P0.10 per liter effective Tuesday to reflect the movement in world prices.
Eastern Petroleum Corp. on Monday announced that it will increase the price of diesel products by P0.70 per liter at 6:00 a.m. on Tuesday.
Eastern Petroleum said the latest price adjustments reflect the uptrend in world oil prices at the close of last week’s trading.
“Analysts say the market remains to have a glut in petroleum products. And industry experts even note that it would take time for oil supply and demand to rebalance, and global demand for energy is seen to grow by a third over the next 20 years,” Eastern Petroleum said.
Other oil firms like Petron Corp., PTT Philippines and Seaoil Philippines also raised pump prices.
Petron said it adjusted gasoline by P0.10 per liter, diesel by P0.65 per liter and P0.70 per liter for kerosene “to reflect the movements in the international oil market and ethanol.”
Seaoil, however, did not move gasoline prices.
Last week, the oil firms jacked up pump prices : P0.20 per liter for gasoline, P0.15 per liter increase for kerosene and P0.10 per liter rollback for diesel.