MOTORISTS will be paying more for petroleum products this week, as firms hike pump prices today after the rollback implemented in the first week of the year.
In separate advisories, Petron Corp., Pilipinas Shell Petroleum Corp. and Seaoil Philippines Corp. said they will hike prices per liter of gasoline, diesel and kerosene by P0.10 each.
Cleanfuel will implement the same changes, excluding kerosene which it does not carry.
The adjustments will take effect at 6 a.m. for all the firms except for Cleanfuel which will implement the changes at 4:01 p.m. today
Firms last week implemented a rollback — gasoline by P0.10 per liter, diesel by P0.35 per liter, and kerosene by P1.40 per liter — after a major hike that took effect on Dec. 26, 2023.
Meanwhile, in a Reuters report, oil prices fell by more than 1% on Monday, Jan. 8, on sharp price cuts by top exporter Saudi Arabia and a rise in OPEC output, offsetting worries about escalating geopolitical tension in the Middle East.
Brent crude slipped 1.09%, or 86 cents, to $77.90 a barrel by 0344 GMT, while U.S. West Texas Intermediate crude futures shed 1.15%, or 85 cents, to $72.96 a barrel.
“Saudi Aramco slashing its February OSPs (official selling prices) bolsters the weak demand narrative,” said Vandana Hari, founder of oil market analysis provider Vanda Insights.
Rising supply and competition with rival producers prompted Saudi Arabia on Sunday, Jan. 7, to cut the February OSP of its flagship Arab Light crude to Asia to the lowest level in 27 months. (GMA Integrated News/with a report from Reuters)
