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Oil firms to increase prices this week

Fuel prices are set to increase effective this morning.

In separate advisories, Caltex, Cleanfuel, Petro Gazz, PTT Philippines, and Seaoil said they will hike diesel prices by P0.70 per liter and gasoline by P0.60 per liter.

Caltex and Seaoil will also raise kerosene prices by P0.85 per liter.

Other companies are expected to follow suit.

Industry players said the adjustments reflect the movements in the world oil market.

According to OilPrice.com, oil demand is bouncing back despite the continuing rise of coronavirus disease 2019 cases in different parts of the world and border restrictions are still in place.

Benchmarks Brent crude is trading at USD66.61 per barrel while West Texas Intermediate crude is trading at USD63 a barrel.

Meanwhile, after oil players implemented rollbacks on gasoline and kerosene prices last week, year-to-date adjustment for gasoline recorded a net increase of P6.55 per liter and P3.45 per liter for kerosene.

Diesel prices are also higher by P4.65 per liter than last year.

PSEi DOWN

Risk-off sentiment reigned in the local bourse yesterday resulting in the negative close of the main equities index, but the peso continued to keep its footing against the US dollar.

The Philippine Stock Exchange index (PSEI) shed 0.54 percent, or 35.05 points, to 6,459.76 points.

All Shares shed 0.31 percent, or 12.49 points, to 3,969.02 points.

Most of the sectoral counters also finished the day in the negative territory, led by the Holding Firms after it slipped by 0.60 percent.

Both the Industrial and the Property lost 0.52 percent, and the Services went down by 0.43 percent.

Mining and Oil rose by 1.02 percent and Financials by 0.02 percent.

Volume totaled 6.3 billion shares amounting to P4.89 billion.

Decliners led advancers at 119 to 81, while 47 shares were unchanged.

“Philippine shares closed in the red as investors continued to pile up stock in the US following the country’s strong earnings from the blue chips and sound economic data, supporting economic recovery,” Luis Limlingan, Regina Capital Development Corporation head of sales said.

He also cited the drop in global oil prices following reports of continued rise of Covid cases in several countries.

Meanwhile, the peso ended the day at 48.35 from 48.38 Friday last week.

It opened the trade at 48.36 and ranged between 48.425 and 48.35 during the day. Average level stood at 48.399.

Volume reached USD784.3 million, lower than the USD950.11 million at the end of last week.*PNA

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