MANILA – Prices of oil products at retail stations will slightly increase starting Tuesday.
In separate advisories, Chevron, Cleanfuel, Flying V, Petro Gazz, Seaoil, and Shell announced that they will hike diesel prices by PHP0.10 per liter and PHP0.60 per liter on gasoline prices.
There is no adjustment in prices of kerosene this week.
As of this posting, OilPrice.com data show that both West Texas Intermediate (WTI) and Brent crude prices improved to USD42.41 a barrel and USD45.16 a barrel, respectively.
The market started trading higher this week ahead of the meeting of the Organization of the Petroleum Exporting Countries (OPEC) on Wednesday.
According to S&P Global Platts, OPEC and its allies are expected to maintain their current production after easing the cut to 7.7 million barrels a day for this month.
It added OPEC and the International Energy Agency also reduced their estimates on global oil demand to 90.63 million barrels per day and 91.95 million barrels per day, respectively.
“Analysts believe that risks remain skewed to the downside and a faltering economic recovery and rising global supply could derail a potential fourth consecutive monthly increase in crude oil prices since May,” S&P Global Platts said. (PNA)
