Gas price hiked by 11.15 per liter, diesel by 11.10 today

Oil firms have hiked the pump price of gasoline by 11.15 per liter and diesel by 11.10 effective today. Kerosene will also go up by 11 per liter in this batch of price adjustments.

Geopolitical factors, such as the raging trade tension between China and the United States, the reported decline in American oil inventory, as well as worries of probable jeopardized near-term supply had been pointed as the main factors exerting pressure on prices in the world market.

As of press time, the oil firms that already hiked prices include Flying V, Pilipinas Shell Petroleum Corporation, PTT Philippines, Eastern Petroleum Corporation, and Phoenix Petroleum Philippines Inc. The rest of the industry players are expected to follow.

The price adjustment came as many Filipino families will

be travelling to the provinces to observe the Lenten season with loved ones.

The local oil companies said this week’s price hikes had been due to the usual upswing in prices globally as well as in the Asian region.

Jitters had also been triggered by reports last week that the Organization of the Petroleum Exporting Countries (OPEC) as well as their non-OPEC counterparts (NOPEC) in the cemented “Vienna alliance” will likely extend production cuts deal until next year.

OPEC Secretary General Mohammed Sanusi Barkindo stressed “markets seem to continue to rise in terms of demand – and that every player, every producer is needed to meet not only current but future demand. Therefore, it is to our interest to continue to dialogue; to exchange notes, to compare projections and experiences we’ve had from this cycle.”