MANILA, Philippines - Oil companies raised pump prices anew today after the extended production freeze of major oil producers propped up global prices last week.
This is the third consecutive week gasoline prices have been raised and the second straight week for diesel and kerosene.
In a text advisory yesterday, Pilipinas Shell Petroleum Corp. said its price change would take effect 6 a.m. today.
Gasoline prices increased by P0.55 per liter, kerosene by P0.85 per liter and diesel by P0.75 per liter.
SeaOil Philippines Inc., Eastern Petroleum Corp., Phoenix Petroleum Philippines Inc. and PTT Philippines Corp. made the same adjustments across fuel products starting also at 6 a.m.
In a separate advisory, UniOil Petroleum Philippines Inc. said it would raise pump prices starting 6:01 a.m.
Flying V said it implemented the same price adjustments at 12:01 a.m.
Petron Corp. and Total Philippines Corp. have yet to announce their respective price hikes as of press time.
The decision to extend the production cut of Organization of the Petroleum Exporting Countries and non-OPEC countries until March 2018 contributed to the increase in global oil prices, said Melita Obillo, director of the Oil Industry Management Bureau.
OPEC and non-OPEC countries met last May 25 and decided to extend the output cuts by nine months, pushing global oil prices above $50 per barrel.
Major oil producers struck a deal last November to limit production with a view to propping up global prices.
Obillo said another factor was the increase in gasoline consumption in the US as summer started.