Oil prices hiked anew before the end of 2016

Oil prices will go up anew before the end of 2016 as local petroleum firms increased their prices for gasoline and diesel products.

Rising prices in the international market lead to the increase for petrol, with gasoline going up for the sixth straight week while diesel is on its fifth. Kerosene prices, however, stayed put due to the effects of Typhoon Nina.

Pilipinas Shell Petroleum Corp. and Phoenix Petroleum Philippines were the first to make a move today at 6:00 am as they raised the prices of gasoline and diesel by P0.50 per liter and P0.25 per liter respectively.

Flying V also raised their prices by the same amount at 12:01 am today. Other companies, like Eastern Petroleum, Petron, PTT, SeaOil, and UniOil have yet to announce any changes, but are expected to follow suit.

One of the reasons seen for the price hike is the decision of the Organization of the Petroleum Exporting Countries (OPEC) to limit oil production starting in 2017 to bolster this year’s falling international oil prices.

 

Source: The Philippine Star, Manila Standard, Manila Bulletin