Oil prices up for 2nd week

MANILA, Philippines — Pump prices are up for a second straight week, with oil companies implementing hefty increases.

In separate advisories yesterday, oil firms said they would hike gasoline prices by P2.60 per liter, diesel by P1.70 per liter and kerosene by P1.90 per liter.

The price hikes will take effect at 6 a.m. today for most companies, except for Caltex which implemented the adjustments at 12:01 a.m. and Cleanfuel at 4:01 p.m.

This week’s upward price adjustments reflect the movement in the international oil market.

Global oil prices surged following the announcement of the OPEC+ to further cut oil output by 1.16 million barrels per day.

The oil producers’ decision of a global output cut was earlier seen resulting in an increase in domestic oil prices.

Last week, oil firms already raised gasoline prices by P1.40 per liter, diesel by P0.50 per liter and kerosene by P0.20 per liter, ending a series of rollbacks in previous weeks.

These resulted in a year-to-date net decrease for diesel at P3.65 per liter and kerosene at P5.35 per liter, data from the Department of Energy showed.

Gasoline, on the other hand, has a year-to-date net increase of P6.05 per liter.