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Oil prices up for 5th straight week

Pump prices will have risen for five consecutive weeks as oil firms implement another price hike starting today. 

In separate advisories, Caltex, Cleanfuel, Petro Gazz, Petron, Phoenix Petroleum, PTT Philippines, Seaoil, and Shell said gasoline prices will increase by P0.55 per liter and diesel products by P0.90 per liter.

Caltex, Petron, Seaoil, and Shell will also hike their kerosene prices by P0.95 per liter.

The price adjustments reflect movements in the international oil market.

According to the Department of Energy’s bulletin, Dubai crude increased by USD2.15 per barrel week-on-week during September 13 to 17 trading days. 

Mean of Platts Singapore (MOPS) gasoline also went up by USD2.40 per barrel while MOPS diesel increased by USD2.30 per barrel.

From last week’s oil price hike, year-to-date adjustments of local oil products rose by P14.55 per liter for gasoline, P12.05 per liter for diesel, and P9.70 per liter for kerosene.*PNA

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