Oil firms will raise pump prices starting today, marking the second consecutive week for an increase.
In separate advisories, Cleanfuel, Petro Gazz, PTT Philippines, Seaoil, and Shell said they will hike diesel prices by P0.35 per liter, and P0.45 per liter for gasoline.
Seaoil and Shell will also increase kerosene prices by P0.65 per liter.
Other oil companies are expected to follow suit.
The Department of Energy’s oil monitor bulletin shows that for the trading week of April 12 to 16, Dubai crude went up by USD1.65 per barrel while Mean of Platts Singapore gasoline and diesel also rose by USD1.60 and USD1.95 per barrel, respectively.
It said crude prices regain a bullish momentum due to improving demand outlook.
“Crude oil futures ticked higher in Asia as signs of demand recovery in the United States and China boosted market sentiment. Positive data from China showing economic recovery gaining pace is also boosting optimism about returning demand after the coronavirus disease 2019 lockdowns last year crushed fuel consumption,” it added.
The Philippine Stock Exchange index (PSEi) closed the first trading day of the week higher on positive investors’ sentiment while the peso ended almost unchanged against the US dollar.
After a three-day slide, the main equities index recovered on Monday and inched up by 0.18 percent, or 11.31 points, to 6,389.38 points.
All Shares rose by 0.08 percent, or 3.09 points, to 3,930.28 points.
Most of the sectoral gauges also gained during the day namely Mining and Oil, 3.80 percent; Financials, 1.13 percent; Property, 0.29 percent; and Services, 0.01 percent.
Industrial fell by 0.17 percent and Holding Firms by 0.11 percent.
Volume totaled 4.51 billion shares, amounting to P5.42 billion.
Losers led gainers at 116 to 87, while 42 shares were unchanged.
“Philippine shares shook off early weakness to end higher, supported by data indicating acceleration in worldwide economic activity and even faster growth in new home sales,” Luis Limlingan, Regina Capital Development Corporation head of sales, said.
Meanwhile, the peso was little changed against the greenback after it ended the day at 48.39 from 48.381 on Friday.
It opened the day at 48.32 and traded between 48.42 and 48.31.
Average level for the day stood at 48.347.
Volume totaled USD514.68 million, lower than the previous session’s USD666.47 million.*PNA