Shell, PTT hike gas prices

Two oil companies have announced higher pump prices this week.

In an advisory, Shell said it will implement an increase of P0.70 per liter on gasoline and diesel, and P0.35 per liter hike on kerosene effective at 6 a.m. Tuesday.

Meanwhile, PTT Philippines said it will implement the same pump price increase on diesel and gasoline at the same time.

The price adjustments tracked the higher global crude prices during last week’s trading.

International oil prices rose midweek when top exporter Saudi Arabia announced its plans to cut exports and further slash production, Reuters reported.

This pushed the Brent crude to close the week at over $65 per barrel, its highest level this year.

Another factor that pushed international prices higher are the US sanctions against Venezuela and Iran.

The coming week’s hike follows last week’s pump price increase implemented by oil firms with gasoline prices higher by P0.90 per liter, diesel by P0.55 and kerosene P0.85 per liter.