Oil prices up for 2 straight weeks

Oil prices up for 2 straight weeks

MANILA – Oil prices are going up anew effective Tuesday, marking the second consecutive week of an increase.

In separate advisories, Caltex, Cleanfuel, Petro Gazz, PTT Philippines, Seaoil, and Shell said they will hike gasoline prices by PHP0.20 per liter and diesel by PHP0.50 per liter.

Caltex, Seaoil, and Shell will also raise prices on kerosene by PHP0.60 per liter.

Other oil firms are expected to follow suit.

According to the Department of Energy (DOE), during trading days of May 24 to 28, Dubai crude has increased by USD0.90 per barrel, while Means of Platts prices for gasoline and diesel went up by USD1.50 per barrel and USD0.75 per barrel, respectively.

As local oil firms implemented a price increase a week ago, year-to-date adjustments for gasoline rose by PHP9.30 per liter, PHP7.60 per liter for diesel, and PHP6.10 per liter for kerosene. (PNA)

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