MANILA - Local oil companies announced they will raise the prices of their products today, albeit by a relatively modest amount.
In separate messages, the oil firms said they will increase diesel prices by P0.55 per liter, gasoline prices by P0.90 per liter, and kerosene by P0.85 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 as well the United States’ sanctions against oil exports of Venezuela.
He added 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 the US-China trade friction and the 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
back to top