Oil prices rise again amid OPEC deal

oil-prices-rise-with-opec-deal-on-tuesday-october-11

Oil companies implemented price hikes on Tuesday following the recent Organization of Petroleum Exporting Countries (OPEC) deal, and higher US crude demand in the international market.

The Department of Energy said that the OPEC deal continued to pressure global oil prices in the market, undersecretary Felix William Fuentebella said in a briefing.

Pilipinas Shell Petroleum Corp. will increase is gasoline by P0.85 per liter, and its kerosene and diesel by P1.55 per liter, as per its report to the DOE.

SeaOil Philippines and Flying V announced a P0.85 per liter rise on gasoline, and P1.55 per liter rise on kerosene.

“This is to reflect movements in the international petroleum market,” SeaOil said.

Phoenix Petroleum Philippines and PTT Philippines will have a price hike of P0.85 per liter on gasoline and P1.55 per liter on diesel. While UniOil Philippines will raise the price of EuroDiesel IV by P0.85 per liter and EuroGasoline by P1.55 per liter.

However, Petron Corp. has yet to make an announcement on its price hikes, but it is expected to implement price adjustments.

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