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Oil prices to go up

Oil players are set to increase their prices this morning, posting a third consecutive weekly rise.

In separate statements, Cleanfuel, Petro Gazz, Seaoil, and Shell said they will increase gasoline prices by P1 per liter, and diesel prices by P1.05 per liter.

Seaoil and Shell will also implement an increment of P0.95 per liter on the prices of kerosene.

Other players are expected to follow suit.

Last week, the United States Energy Information Administration (EIA) projected that the global oil supply will rise while oil inventories are expected to decline.

The EIA added that the Organization of Petroleum Exporting Countries and its allies (OPEC+) will limit supplies amid the lingering impacts of low crude oil prices. Oil inventories are expected to decrease by 0.6 million barrels per day this year, and 0.5 million barrels per day next year.*PNA

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