MANILA – Oil prices continue to increase for five straight weeks as firms have announced another hike starting Tuesday morning.
In separate advisories, Caltex, Cleanfuel, Petro Gazz, Seaoil, and Shell said they will increase gasoline prices by PHP1 per liter and diesel prices by PHP0.65 per liter.
Caltex, Seaoil, and Shell will also hike kerosene prices by PHP0.75 per liter.
Other oil players are expected to follow suit with the same rate of price hikes.
In a Market Watch report, The Price Futures Group senior market analyst Phil Flynn attributed the rising oil prices in the global market to the oil demand optimism, which is “coming back faster than supply.”
Industry experts also see the sentiment of the market and the momentum of oil prices to remain positive.
This even the Organization of the Petroleum Exporting Countries and its allies (OPEC+) would decide to ramp up its production by August.
Meanwhile, the oil monitor bulletin of the Department of Energy showed that the price hike for gasoline stood at a net increase of PHP10.74 per liter compared to last year, with a year-to-date increase of PHP9.25 per liter on diesel and PHP7.70 per liter increase on kerosene. (PNA)
