Oil firms set new round of price hikes

Oil firms set new round of price hikes

MANILA – Oil firms will increase their prices effective Tuesday morning. 

In separate advisories, Cleanfuel, Petro Gazz, Seaoil, and Shell said they will hike gasoline prices by PHP0.25 per liter and PHP0.40 per liter on diesel. 

Seaoil and Shell will also raise kerosene prices by PHP0.60 per liter. Other oil firms have yet to announce price adjustments but are expected to follow suit. 

According to the Department of Energy’s (DOE) oil monitor bulletin, Dubai crude has increased by almost USD3 per barrel week-on-week during Nov. 23 to 27 trading days. 

Likewise, Means of Platts Singapore gasoline went up by USD3.50 a barrel and diesel by USD3.25 per barrel. 

“The recent vaccine-propelled rally in crude prices will test everyone’s resolve to see through their landmark supply accord. Crude prices rose by about USD5 per barrel week-on-week on continued optimism over Covid-19 (coronavirus disease 2019) vaccines and OPEC+ production cuts,” the DOE bulletin said. (PNA)

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