Oil firms to raise gas prices today

MANILA, Philippines - Another round of fuel price hikes will greet motorists today after oil-producing countries firmed up plans to meet next month to discuss supply reduction.

Pilipinas Shell Petroleum Corp. will increase gasoline prices by P0.40 per liter, diesel by P0.20 and kerosene by P0.10 per liter starting 6 a.m.

SeaOil Philippines Inc. adjusted pump prices starting at 6 a.m. “to reflect movements in the international petroleum market.”

In separate advisories, Eastern Petroleum Corp., Phoenix Petroleum Philippines and PTT Philippines said it would implement a similar price adjustment on gasoline and diesel at around the same time.

Gasoline prices were raised for the sixth straight week, and kerosene for four consecutive weeks.

Gasoline prices posted a net increase of P0.80 per liter, diesel P1.35 and kerosene P1.30 per liter since the start of 2016.

Reports of a meeting among Organization of the Petroleum Exporting Countries (OPEC) member and non-member countries to push through next month drove this week’s fuel price adjustments, Department of Energy-Oil Industry Management Bureau (DOE-OIMB) director Melita Obillo told The STAR in a text message.

“OPEC and non-OPEC members are looking forward to their meeting in April on the production freeze,” Obillo said, adding some refineries have also started implementing maintenance shutdown, reducing supply in the market.