Oil firms hike prices

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OIL firms on Monday announced that they will be increasing prices of petroleum products on Tuesday.

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Diesel and kerosene prices will be increased by 10 centavos per liter, while gasoline prices will be jacked up by 50 centavos per liter.

The price adjustment will take effect between 12:01 a.m. and 6 a.m. Tuesday.

Independent player Eastern Petroleum Corp. attributed the price hike to an uptick in world oil prices at the end of last week’s trading.

“Analysts believe prices are adversely affected by the potential increase in global supply hinged on Iranian oil getting back on the market when sanctions are lifted,” Eastern Petroleum said.

The oil firm added that markets have “little or no clear directions of where prices are heading, as supplies continue to outpace demand.”

This would be the third time oil companies increased prices for the month of September.
For this month, they have already increased gasoline price by P2.00 per liter, P1.85 per liter for kerosene and diesel by P1.70 per liter.

Last week, oil firms lowered gasoline prices by 35 centavos per liter and kerosene prices by 45 centavos per liter.

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