MANILA – Oil firms are set to increase pump prices on Tuesday morning.
In separate announcements, oil players Chevron (Caltex), Cleanfuel, Petro Gazz, PTT Philippines, Seaoil, and Shell said they would implement price hikes by PHP0.25 per liter on diesel, and PHP0.30 per liter on gasoline.
Seaoil and Shell said kerosene prices would have an increment of PHP0.30 per liter.
Adjustments on oil prices reflect the movement in the global market.
Both West Texas Intermediate and Brent crude sustained their prices above the USD40-level this week.
According to OilPrice.com, the weak US dollar encouraged buyers to buy the dollar-denominated asset, coupled with the agreement in the European Union to roll out a significant stimulus package to recover Eurozone economies affected by the coronavirus disease 2019 (Covid-19) and lockdown measures.
Meanwhile, the Department of Energy (DOE) reported on Monday that local crude oil and petroleum inventory as of July 13, could cover a longer period due to community quarantines that slowed down economic activity, resulting in a reduction of demand.
As of July 13, the DOE said the local inventory of crude oil and petroleum products stood at 61.9 days – 54.4 days onshore in-country stocks and 7.5 days of the commodity still in transit, or an equivalent volume of 2.762 billion liters.
This grew from the Dec. 31, 2019-level of 51 days – 45 days in-country stocks and six days in transit – in which local stocks reached 3.857 billion liters. (PNA)
