Oil prices up today

Pump prices are raised today as higher demand and Iraqi Kurds’ push for independence from Baghdad push up international oil prices.

Gasoline prices were increased by P0.25 per liter, diesel prices by P0.55 per liter and kerosene by P0.55 per liter. This is the second consecutive week diesel and kerosene prices were hiked.

Pilipinas Shell Petroleum Corp. and SeaOil Philippines Inc. said the higher pump prices were implemented starting 6 a.m.

Flying V’s price adjustments started at 12:01 a.m. while UniOil Petroleum Philippines Inc.’s price changes took effect at 6:01 a.m.

In text advisories, Eastern Petroleum Corp., Phoenix Petroleum Philippines Inc. and PTT Philippines Corp. said gasoline and diesel prices were hiked starting 6 a.m.

Based on the monitoring of the Department of Energy-Oil Industry Management Bureau (DOE-OIMB), international oil prices trended higher on increased demand.

“The International Energy Administration, in its latest demand forecast, confirms that demand growth outside the US is rising and the EIA confirms that US demand for petroleum products is rising,” DOE-OIMB director Rino Abad said.

He also cited the potential negative impact on oil trading after Iraqi Kurds backed independence from Baghdad.

“Oil climbed as investors considered the potential fallout from the independence referendum in the oil rich Kurdish region in Iraq,” he added.