Oil prices to go up anew this week

Oil prices to go up anew this week

MANILA – Oil prices are going up again starting Tuesday.

In separate advisories Monday, Caltex, Cleanfuel, Petro Gazz, PTT Philippines, Seaoil, Shell, Total, and Unioil will increase gasoline prices by PHP0.65 per liter.

Except for Cleanfuel, diesel prices of these companies will also rise by PHP0.05 per liter.

Seaoil and Shell will likewise increase kerosene prices by PHP0.05 per liter.

Before the Holy Week, oil firms implemented big-time price rollback on fuel products.

Department of Energy data show that gasoline prices year-to-date went up by PHP6.15 per liter in the same period in 2020, diesel by PHP4.60 per liter, and kerosene, up by PHP3.50 per liter.

According to OilPrice.com, prices of the commodity in the world market gained as the Organization of Petroleum Exporting Countries and its allies (OPEC+) signaled confidence in demand recovery.

OPEC+ decided to raise output gradually to avoid a sharp spike in prices as oil demand picks up, OilPrice.com added.

The oil producers’ bloc will increase production by 350,000 barrels per day in May and June, and by more than 400,000 barrels a day in July. (PNA)

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