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Oil prices to go up anew this week

Oil prices are going up again starting today.

In separate advisories yesterday, Caltex, Cleanfuel, Petro Gazz, PTT Philippines, Seaoil, Shell, Total, and Unioil will increase gasoline prices by P0.65 per liter.

Except for Cleanfuel, diesel prices of these companies will also rise by P0.05 per liter.

Seaoil and Shell will likewise increase kerosene prices by P0.05 per liter.

Before the Holy Week, oil firms implemented big-time price rollback on fuel products.

Department of Energy data show that gasoline prices year-to-date went up by P6.15 per liter in the same period in 2020, diesel by P4.60 per liter, and kerosene, up by P3.50 per liter.

According to OilPrice.com, prices of the commodity in the world market gained as the Organization of Petroleum Exporting Countries and its allies (OPEC+) signaled confidence in demand recovery.

OPEC+ decided to raise output gradually to avoid a sharp spike in prices as oil demand picks up, OilPrice.com added.

The oil producers’ bloc will increase production by 350,000 barrels per day in May and June, and by more than 400,000 barrels a day in July.

PSEi INCHES UP

Meanwhile, the local stock barometer closed on a positive note yesterday, benefiting the local currency.

The Philippine Stock Exchange index (PSEi) inched up by 0.81 percent, or 52.06 points, to 6,495.15 points.

All Shares increased by 0.59 percent, or 23.17 points, to 3,947.46 points.

Most of the sectoral gauges also finished the day with gains, led by the Holding Firms index after it jumped by 1.52 percent.

Industrial index rose by 1.31 percent; Services, 0.82 percent; Financials, 0.54 percent; and Mining and Oil, 0.10 percent.

Only the Property index shed during the day after it fell 0.29 percent.

Volume reached 1.85 billion shares amounting to P5.36 billion.

Gainers led losers at 117 to 85, while 48 shares were unchanged.

“Local shares inched higher following the solid infrastructure plan rolled out by US President Joe Biden and with investors making several bets for the month ahead,” Luis Limlingan, Regina Capital Development Corporation head of sales, said.

Positive sentiments were also boosted by reports about the third consecutive positive turnout for the country’s Purchasing Managers index to 52.2 based on the report of the IHS Markit.

An index of above 50 indicates expansion while figures below 50 show otherwise.

The peso ended the week’s first trading day at 48.49, sideways compared to its 48.53 close last Wednesday.

There were no trading on Maundy Thursday and Good Friday, that were officially declared as holidays.

The local currency opened the day at 48.55 and traded between 48.64 and 48.488.

Average level for the day stood at 48.556. Volume totaled USD637.3 million, lower than the previous session’s USD933.19 million.*PNA

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