MANILA – After the price rollback last week, firms have announced an oil price hike effective Tuesday morning.
In separate advisories, Chevron (Caltex), Cleanfuel, Flying V, Petro Gazz, Phoenix Petroleum, PTT Philippines, Seaoil, Shell, and Total said they will increase their diesel prices by PHP0.30 per liter and gasoline prices by PHP0.65 per liter.
Chevron, Flying V, Seaoil, and Shell will also increase the prices of their kerosene products by PHP0.40 per liter.
Last Friday, global oil prices increased after the Paris-based International Energy Agency raised its outlook on oil demand to 92.1 million barrels a day. It was 400,000 barrels per day higher than its forecast last month.
As of this posting, Brent crude has stabilized at USD40-level, trading at USD42.68 per barrel, while West Texas Intermediate crude is trading at USD39.98 per barrel.
However, industry experts said the rising Covid-19 cases remain a risk to the oil market. (PNA)
