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Oil firms to hike pump prices anew this week

Oil companies will implement another price increase effective this morning.

In separate advisories, Caltex, Cleanfuel, Seaoil, Shell, and Unioil said diesel prices will go up by P0.35 per liter, while gasoline prices will increase by P0.20 per liter.

Caltex, Seaoil, and Shell will also implement a P0.35-per-liter increase on kerosene products.

Oil prices have increased for three consecutive weeks.

According to industry experts, the increase in fuel prices this week can be attributed to higher oil demand in the United States, Europe, and China.

But demand has been tempered due to the rising coronavirus disease 2019 cases in India, Brazil, and Japan.

To date, gasoline prices were higher by P7.60 per liter, compared to the same period last year.

Diesel prices rose by P5.70 per liter, and kerosene prices went up by P4.95 per liter.

The investors’ wait-and-see stance, following the earnings report season in the US and developments on the pandemic, meanwhile, resulted in the sideways close of both the local main equities index and the peso yesterday.*PNA

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