MANILA – Oil firms will adjust their prices on Tuesday, increasing diesel and kerosene prices for six consecutive weeks and gasoline prices for three straight weeks.
Companies such as Cleanfuel, Petro Gazz, Seaoil, and Shell announced they will raise diesel by PHP0.50 per liter, and PHP0.60 per liter for gasoline products.
Seaoil and Shell will also adjust kerosene prices upward by PHP0.55 per liter.
Other industry players are expected to follow suit.
Since Nov. 10, oil firms implemented price hikes on diesel and kerosene products.
For gasoline products, oil players announced price hikes since Nov. 17. There was no movement the following week before implementing increments since Dec. 1 and the following weeks.
According to an oil monitor bulletin of the Department of Energy (DOE), Organization of the Petroleum Exporting Countries and its allies (OPEC+) agreed on a new production deal to increase supply by 500,000 barrels a day in January 2021.
The OPEC+ will also have a monthly review that will raise or cut production by 500,000 barrels per day each month until production is increased by a cumulative 2 million barrels a day.
The DOE oil monitor bulletin said a positive demand growth trend for crude oil in Asia has been observed, particularly from China, India, Japan, and South Korea.
“This follows fresh indications of healthy demand from regional refiners thus, supporting sentiments in the Middle East crude oil market,” the bulletin added. (PNA)