Oil firms raisepump prices today

MANILA, Philippines - Petroleum companies are raising pump prices for the fourth straight week today as higher demand and lower US production continue to induce price surges in the international oil market.

In separate text advisories yesterday, Pilipinas Shell Petroleum Corp. and SeaOil Philippines Inc. said pump prices would increase starting at 6 a.m., with gasoline prices going up by P0.35 per liter, kerosene by P0.40 per liter and diesel by P0.50 per liter.

Eastern Petroleum Corp., Phoenix Petroleum Philippines Inc. and PTT Philippines Corp. announced the same price increases on gasoline and diesel products effective 6 a.m. today.

In a separate advisory, Flying V said it would have the same price adjustments starting 12:01 a.m.

UniOil Petroleum Philippines Inc., on the other hand, said its price hikes would take effect at 6:01 a.m.

During last week’s trading, oil prices settled at $49.71 at the closing, its strongest week this year, Reuters reported.

High demand and a decline in US production were supportive factors in this week’s fuel price increases, Department of Energy (DOE)-Oil Industry Management Bureau director Melita Obillo said in a text message.

She said there was robust demand after recent data showing US, Singapore and Japan’s overall inventory drawdown and higher consumption from China and India.

The DOE official also said drilling for new US production is slowing down.

Meanwhile, the US threat of sanctions against Venezuela’s vital oil sector in response to Sunday’s election of a constitutional super-body also drove prices higher, Obillo said.