MANILA – Oil firms will raise pump prices starting Tuesday, marking the second consecutive week for an increase.
In separate advisories, Cleanfuel, Petro Gazz, PTT Philippines, Seaoil, and Shell said they will hike diesel prices by PHP0.35 per liter and PHP0.45 per liter for gasoline.
Seaoil and Shell will also increase kerosene prices by PHP0.65 per liter.
Other oil companies are expected to follow suit.
The Department of Energy’s (DOE) oil monitor bulletin shows that for the trading week of April 12 to 16, Dubai crude went up by USD1.65 per barrel while Mean of Platts Singapore (MOPS) gasoline and diesel also rose by USD1.60 and USD1.95 per barrel, respectively.
It said crude prices regain a bullish momentum due to improving demand outlook.
“Crude oil futures ticked higher in Asia as signs of demand recovery in the United States and China boosted market sentiment. Positive data from China showing economic recovery gaining pace is also boosting optimism about returning demand after the Covid-19 (coronavirus disease 2019) lockdowns last year crushed fuel consumption,” it added. (PNA)
