Fuel prices up today

Petroleum prices were raised early today due to concerns over geopolitical tensions in the Middle East.

Oil firms increased gasoline prices by P0.35 per liter, diesel by P0.55 per liter and kerosene by P0.80.

The price hike came after oil companies rolled back pump prices last week.

Eastern Petroleum, Flying V, Phoenix Petroleum Philippines Inc., Pilipinas Shell Petroleum Corp., PTT Philippines Corp. and Seaoil Philippines Inc. implemented their respective price adjustments at 6 a.m.

UniOil Petroleum Philippines Inc. increased its fuel price effective 6:01 a.m.

Petron Corp. and Total Philippines Corp. have yet to announce their respective advisories as of press time.

During last week’s trading, Brent crude climbed over $70 per barrel on escalating Middle East tension.

In a report by Reuters, international oil prices had its largest weekly gain last week due to concerns of Western military action in Syria as well as dropping global oil inventories.

The US and its allies launched air strikes against Syrian President Bashar al-Assad’s forces in response to a suspected poison gas attack in Syria.

Meanwhile, the Organization of the Petroleum Exporting Countries (OPEC) reported global oil inventories have dwindled while its collective output fell to 31.96 million barrels per day (bpd) in March, down 201,000 bpd from February, according to a Reuters report.