Business and Economy
Oil price hike Sept 12 tamer than past weeks
FILE: A gas attendant (left) fills the gas tank of a truck at a gas station in Tandang Sora on Mindanao Avenue, Quezon City on Tuesday (Nov. 9, 2021). After 10 consecutive weeks of price increases, oil companies will roll back the prices of petroleum products. (PNA photo by Ben Briones)
MANILA – Oil firms will increase pump prices yet agai Tuesday but increments are softer compared to the past nine weeks.
In separate advisories Monday, Caltex, Cleanfuel, Jetti, Petro Gazz, Phoenix Petroleum, PTT, Seaoil, Shell, Unioil and Petron will increase prices of gasoline by PHP0.20 per liter and PHP0.40 per liter on diesel.
Kerosene prices of Caltex, Seaoil, Shell and Petron will also increase by PHP0.20 per liter.
Other oil firms are yet to announce their price adjustments for the week.
With the oil price hike last week, prices of gasoline since the start of the year have increased by PHP18.44 per liter, gasoline prices by PHP12.30 per liter, and kerosene prices by PHP10.45 per liter.
“Oil prices gained almost 1 percent to a nine-month high on Friday on rising U.S. diesel futures and worries about tight oil supplies after Saudi Arabia and Russia extended supply cuts this week. Brent futures rose 73 cents, or +0.8 percent, to settle at USD90.65 per barrel, while WTI crude rose 64 cents, or +0.7 percent, to settle at USD87.51,” Regina Capital Development Corp. head of sales Luis Limilngan said.
