Major oil price hike set Tuesday

Both major and independent oil players have announced that they will implement substantial increases in the prices of petroleum products effective early morning Tuesday (Feb. 26). (PNA File Photo)

MANILA — Filipino motorists may have to get used to higher pump prices again, as international oil prices continue marching upward.

Both major and independent oil players have announced that they will implement substantial increases in the prices of petroleum products effective early morning Tuesday (Feb. 26).

In separate announcements, Pilipinas Shell, Petron Corporation and PTT Philippines said they will hike the prices of their gasoline and diesel products by PHP1.45 per liter. Oil firms carrying kerosene will likewise increase prices by PHP1.35 per liter.

Other oil companies have yet to make formals announcements, but are also expected to carry out similar price adjustments tomorrow.

Oil market analysts explained that the upward shift in global crude prices is being partially fueled by expectations that US-China trade talks are likely to reach a happy conclusion.

With an end to the trade war between the two biggest economies in sight, hopes are high that the world economy will be shifting into high gear again.

This, in turn, has given rise to hopes of higher oil demand sometime soon.

Meantime, local oil executives said tomorrow’s oil price hike only reflects current trends in the larger market, which they are constrained to pass on to the local consumer.