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MANILA – Oil companies will increase their pump prices on Tuesday.
In separate advisories, Chevron, Cleanfuel, Petro Gazz, Petron, PTT Philippines, Seaoil, and Shell will raise gasoline prices by PHP0.85 per liter and PHP1.10 per liter on diesel.
Chevron, Petron, Seaoil, and Shell also announced a price hike of PHP1 per liter on kerosene products.
The movements in oil prices reflect the rising fuel prices in the global market.
Industry analysts have seen global oil prices climbing back to pre-pandemic levels due to improving demand from Asia, especially China.
This is also supported by the continued efforts of oil-producing countries to limit supply.
“On supply, Saudi Arabia remains committed to its reduced production, down by 1 million barrels per day through February and March,” the Department of Energy’s (DOE) oil monitor bulletin said.
According to DOE, year-to-date adjustments posted a net increase of PHP2.40 per liter for gasoline products, PHP1.55 per liter for diesel, and PHP1.25 per liter for kerosene. (PNA)
