Oil prices up today

Oil firms are raising prices of gasoline by 90 centavos effective today following movements in the international market and a weaker peso.

In their text advisories yesterday, Pilipinas Shell Petroleum Corp., Petron Corp. and SeaOil Philippines said pump prices would increase at 6 a.m. today by 90 centavos per liter; kerosene by 80 centavos; and diesel, 65 centavos.

Phoenix Petroleum Philippines Inc. and PTT Philippines Corp. announced the same increases in gas prices also starting at 6 a.m.

In a separate advisory, Flying V said it would have the same price adjustments starting 12:01 a.m.

Eastern Petroleum Corp., Total Philippines Corp. and UniOil Petroleum Philippines Inc. have yet to announce their respective price hikes as of yesterday.

Last week’s trading soared past $50 per barrel before it closed at around $48 per barrel, Reuters reported.

The midweek rise was because of the drop in US crude and fuel inventories the previous week.

The market has been jittery since the Organization of the Petroleum Exporting Countries and non-members decided to reduce output to tighten the market and prop up prices.

Also last week, the peso closed P50 to $1, its weakest in more than two months. The peso depreciated along with other currencies on the back of hawkish statements from the US Federal Reserve.