Gas prices up again

MANILA, Philippines — Oil companies have increased pump prices for the second straight week amid growing supply risks in the Middle East and Venezuela.

Oil firms increased today gasoline prices by 40 centavos per liter, diesel by 65 centavos per liter and kerosene also by 65 centavos per liter.

Eastern Petroleum, Flying V, Pilipinas Shell Petroleum Corp., PTT Philippines Corp. and Seaoil Philippines Inc. implemented their respective price adjustments at 6 a.m.

UniOil Petroleum Philippines Inc. said its price hike on gasoline and diesel products took effect at 6:01 a.m.

Petron Corp. and Total Philippines Corp. have not yet announced any price changes.

Brent crude settled above $75 per barrel during last week’s trading due to declining US crude inventories and risk of supply disruptions, Reuters reported.

These risks include the conflict in the Middle East, renewed US sanctions against Iran and falling output as a result of political and economic crisis in Venezuela, the report said.

The ongoing production cut by the Organization of the Petroleum Exporting Countries since January 2017 also propped up international prices.