Big time oil price hike today

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Firms announced an oil price increase to be implemented effective this morning.

          In separate advisories, Cleanfuel, Petro Gazz, Seaoil, and Shell will hike gasoline prices by P1.05 per liter and P1.55 per liter for diesel.

          Seaoil and Shell will also increase kerosene prices by P1.30 per liter.

          However, prices of kerosene and household liquefied petroleum gas were frozen in areas declared under state of calamity due to the recent typhoons.

          Despite the big time price increase this week, fuel prices are lower compared to their level last year.

          Upon implementing adjustments last week, gasoline prices dropped P5.67 per liter, diesel prices declined by P10.91 per liter, and kerosene price decreased by P13.89 per liter compared to their prices in 2019.

          Since Monday last week, global crude oil prices soared with positive developments in the coronavirus disease 2019 vaccines, as well as the target of the Organization of Petroleum Exporting Countries and its allies to keep tight oil supply.

          Meanwhile, the local stock barometer ended yesterday in the negative territory but the peso finished sideways against the US dollar

          The Philippine Stock Exchange index (PSEi) shed 0.74 percent, or 51.83 points, to 6,918.05 points.

          All Shares followed with a drop of 0.25 percent, or 10.18 points, to 4,073.37 points.

          Most of the sectoral gauges followed the main index, led by Mining and Oil, which fell 1.69 percent.

          Property declined by 1.40 percent, Holding Firms, 0.88 percent; and Services, 0.48 percent.

          On the other hand, Industrial rose by 0.41 percent and Financials by 0.12 percent.

          Volume totaled 2.36 billion shares amounting to P8.77 billion.

          Gainers led losers at 119 to 109, while 30 shares were unchanged.

          “Philippine shares slumped on fears that rising coronavirus infections may slow the recovery in the global economy and fuel demand,” Luis Limlingan, Regina Capital Development Corporation head of sales, said.

          Amidst the risk-off sentiments, the peso managed to stay firm against the US dollar and finish the day at 48.225 from 48.21 close on Nov. 13.

          It opened the day’s trade at 48.16, better than its 48.46 start in the previous session.

          It traded between 48.225 and 48.14, resulting in an average of 48.169.

          Volume totaled USD565 million, lower than the USD669.1 million at the end of last week.*PNA

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