MANILA -- Local oil companies announced that they will raise prices of their products on Tuesday, albeit by a relatively modest amount this time.
In separate messages, the oil firms said they will increase diesel prices by PHP0.55 per liter, gasoline prices by PHP0.90 per liter, and kerosene by PHP0.85 per liter.
FX Empire Analyst James Hyerczyk projected that the global crude market is likely to trade mostly sideways this week mainly due to output reduction by the Organization of Petroleum Exporting Countries (OPEC) as well the United States’ sanctions against oil exports of Venezuela.
He added that there are reports that the US eyes no extension to renew the waiver for countries importing Iranian oil.
On a more sober note, Hyerczyk also mentioned that worries over the slowing down of global economy due to US-China trade friction and volatility of stock market will serve to moderate world oil prices.
The international market's volatility is the main culprit for recent upticks in petroleum prices, it was explained. (PNA)
