Gas prices increase following uptrend in global oil market

MANILA, Philippines — Oil companies are raising pump prices today following the uptrend in the global oil market.

Oil firms announced gasoline prices will be raised by P0.90 per liter, diesel by P0.55 per liter and kerosene by P0.85 per liter.

The price hike comes a week after companies rolled back pump prices.

In separate text advisories, Flying V, Phoenix Petroleum Philippines Inc., Pilipinas Shell Petroleum Corp., PTT Philippines Corp., Seaoil Philippines Inc., Total Philippines Corp. and Unioil Philippines said their price adjustments are effective at 6 a.m.

“This is to reflect movements in the international petroleum market,” Seaoil said.

Caltex and Petron have yet to announce their price adjustments.

Reuters reported that the international market was down for most of the week but edged higher last Friday.

The news organization added that the oil market was supported by the possibility of US and China resolving their trade dispute.

Last week, oil companies rolled back gasoline prices by P0.60 to P0.65 per liter, diesel by P0.35 per liter and kerosene by P0.20 per liter.