Oil prices increase yet again

MANILA, Philippines — Oil companies are raising pump prices anew today as growing demand and plans of major oil producers to reduce output further continue to prop up global prices.

Prices for gasoline would go up by P0.45 per liter while that of diesel and kerosene gas would increase by P0.50 per liter.

This is the seventh consecutive week that diesel and kerosene prices were raised and the third straight week for gasoline.

Pilipinas Shell Petroleum and SeaOil Philippines said their price adjustments were implemented starting 6 a.m. today.

Eastern Petroleum, Phoenix Petroleum Philippines and PTT Philippines implemented the same adjustments also at 6 a.m. while Flying V raised pump prices effective 12:01 a.m.

Petron, Total Philippines, and UniOil Petroleum Philippines have yet to announce their respective advisories as of press time.

Based on the agency’s monitoring, DOE Undersecretary Felix Fuentebella said comments from Saudi Arabia that the Organization of the Petroleum Exporting Countries (OPEC) and other major oil producers could extend their production cuts beyond 2018 propped up global oil prices last week.

Fuentebella added that global economic growth and expectations of robust global oil demand added to the upward pressure.

Meanwhile, US crude supplies were reportedly lower by 1.1 million barrels at end of trade on Jan. 19, according to US Energy Information Administration, pushing oil to hit $71 per barrel last Thursday for the first time since 2014.

Reuters also reported last week that global oil prices settled higher on Friday, with crude also posting a weekly gain as a weaker US dollar underpinned prices.