MANILA – Oil players are set to increase their prices Tuesday morning, posting a third consecutive weekly rise.
In separate statements, Cleanfuel, Petro Gazz, Seaoil, and Shell said they will increase gasoline prices by PHP1 per liter while diesel prices by PHP1.05 per liter.
Seaoil and Shell will also implement an increment of PHP0.95 per liter on the prices of kerosene.
Other players are expected to follow suit.
Last week, the United States Energy Information Administration (EIA) projected that the global oil supply will rise while oil inventories are expected to decline.
The EIA added the Organization of Petroleum Exporting Countries and its allies (OPEC+) will limit supplies amid the lingering impacts of low crude oil prices.
Oil inventories are expected to decrease by 0.6 million barrels per day this year and 0.5 million barrels per day next year. (PNA)
