Mindanao Times

Oil price hike set for July 2

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MANILA – Several oil companies are increasing their pump prices on Tuesday (July 2, 2019), in line with developmen­ts in the internatio­nal market.

Petro Gazz, Seaoil, and PTT Philippine­s said the prices of their respective gasoline products will be hiked by PHP1.20 per liter and diesel by PHP0.95 per liter effective 6 a.m. on Tuesday.

At the same time, Seaoil will also hike its kerosene price by PHP1 per liter.

Officials from the Organizati­on of the Petroleum Exporting Countries (OPEC) and other major oil producing countries like Russia are firm on cutting oil production to shore up prices in the internatio­nal market.

This, as supply from non-OPEC countries such as the US remains high.

Analysts said market players are all eyes on the upcoming meeting between OPEC and their counterpar­ts from Russia in Vienna this week, noting that this would spell new developmen­ts for the energy and financial markets.

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