Oil companies will increase their pump prices, effective today.
In separate advisories, Chevron, Cleanfuel, Petro Gazz, Petron, PTT Philippines, Seaoil, and Shell said they will raise gasoline prices by P0.85 per liter, and diesel by P1.10 per liter.
Chevron, Petron, Seaoil, and Shell also announced a price hike of P1 per liter on kerosene products.
The movements in oil prices reflect the rising fuel prices in the global market.
Industry analysts have seen global oil prices climbing back to pre-pandemic levels due to improving demand from Asia, especially China.
This is also supported by the continued efforts of oil-producing countries to limit supply.
“On supply, Saudi Arabia remains committed to its reduced production, down by 1 million barrels per day through February and March,” the Department of Energy’s oil monitor bulletin said. The DOE added that year-to-date adjustments posted a net increase of P2.40 per liter for gasoline products, P1.55 per liter for diesel, and P1.25 per liter for kerosene.*PNA
