MANILA – Oil firms have announced an increase in pump prices of diesel and kerosene starting Tuesday morning.
In separate advisories, Chevron, Cleanfuel, Petro Gazz, Petron, PTT Philippines, Seaoil, Shell, and Unioil said they will hike diesel prices by PHP0.50 per liter.
There will be no movement in the prices of gasoline.
Chevron, Petron, Seaoil, and Shell will also implement price increases for kerosene products by PHP0.30 per liter.
According to the Department of Energy’s bulletin, prices of the commodity have surged since last week, hitting five-month highs on positive news on coronavirus disease 2019 (Covid-19) vaccines developed by Pfizer and BioNTech.
“The Asian gasoline market was stronger on positive headlines from the US in view of the effectivity of Pfizer and BioNTech Covid-19 vaccine, which resulted to a sharp rise in the energy complex across the barrel,” it said.
Mean of Platts Singapore (MOPS) for the trading week of Nov. 9 to 13 shows gasoline and diesel prices were higher by USD3.50 and USD4.70 per barrel, respectively. (PNA)
