Gas prices higher by P0.65 per liter

Petroleum companies implemented price hikes on fuel products today, tracking the increase in international crude prices.

Gasoline prices were raised by P0.65 per liter, diesel by P0.55 per liter and kerosene by P0.70 per liter.

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

UniOil Petroleum Philippines Inc. said its price increments took effect 6:01 a.m.

Petron Corp. and Phoenix Petroleum Philippines Inc. have yet to announce their respective price changes as of press time.

The Independent Philippine Petroleum Companies Association (IPPCA) earlier said oil firms were expected to implement modest price increases across fuel products this week on account of higher crude prices in the international market.

“Despite earlier expectations of sustained price cuts due to the Organization of Petroleum Exporting Countries boosting their production, and with Saudi Arabia and Russia agreeing to add production, recent political turbulence in Libya and Venezuela and the recent oil export ban on Iranian oil production coupled with low inventory in US resulted in this price reversal,” IPPCA said.

However, IPPCA and Eastern Petroleum Corp. chairman Fernando Martinez said the favorable response of both Saudi Arabia and Russia to hike production and possible warming relationship of US and Russia with the incoming summit of President Donald Trump and President Vladimir Putin could have positive and calming sentiments in the world market.

“The resumption of lower oil price may still be expected and have positive effect in oil import dependent Philippine market,” he said.