Oil firms to raise gas prices today

MANILA, Philippines - After several weeks of rollbacks, petroleum companies are increasing pump prices today on hopes that another meeting of global oil players will control oversupply worries.

In an advisory, SeaOil Philippines Inc. announced an increase of P0.55 per liter on gasoline, P0.70 per liter on diesel and P0.65 per liter on kerosene products effective 6 a.m.

“This is to reflect movements in the international petroleum market,” SeaOil said.

Flying V also announced yesterday that it will implement similar price adjustments starting 12:01 a.m. today.

Meanwhile, Eastern Petroleum Phoenix Petroleum Philippines and PTT Philippines said they will raise gasoline prices by P0.55 per liter and diesel prices P0.70 per liter effective 6 a.m.

For its part, UniOil Philippines said it will increase the price of EuroGasoline products (91, 95 and 97) by P0.55 per liter and EuroDiesel IV product by P0.70 per liter starting 6:01 a.m.

Pilipinas Shell Petroleum Corp. and Petron Corp. have yet to announce their respective price increases as of press time. Both companies are expected to implement similar hikes on fuel products.

The price increases followed six consecutive weeks of reductions for gasoline and four straight weeks of decline for diesel and kerosene.

International oil prices went up during last week’s trading after news that the Organization of the Petroleum Exporting Countries and non-OPEC members are set to meet again next month to curb oversupply worries.

This came after a Saudi oil minister commented about possible action to stabilize prices and the International Energy Agency forecast crude markets would tighten in the second half of 2016, Reuters reported.