Oil firms will adjust their prices today, 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 P0.50 per liter, and P0.60 per liter for gasoline products.
Seaoil and Shell will also adjust kerosene prices upward by P0.55 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.
The Philippine Stock Exchange index (PSEi) rose while the peso ended sideways against the US dollar yesterday, partly on hopes for the stimulus program in the US.
The main equities index inched up by 0.49 percent, or 35.19 points, to 7,281.35 points.
All Shares increased by 0.46 percent, or 19.78 points, to 4,338.51 points.
Most of the sectoral counters tracked the main gauge, led by Financials, which jumped by 1.59 percent.
Mining and Oil followed after rising by 1.13 percent, Industrial by 1.07 percent, Services by 0.57 percent, and Holding Firms by 0.50 percent.
The Property sector was the sole loser for the day after it lost 0.76 percent.
Volume totaled 46.02 billion shares, amounting to P8.9 billion.
Gainers led losers at 134 to 75, while 58 shares were unchanged.
Meanwhile, the peso ended the day sideways against the greenback at 48.05 from 48.07 Friday last week.
It opened the day at 48.1 and traded between 48.1 and 48.04.
The average level for the day stood at 48.054. Volume totaled USD358.8 million, lower than the previous session’s USD540.85 million.*PNA