Fuel prices inch up today

MANILA: After the  fuel price drop last week, oil companies have again hiked prices today.

In separate announcements, Total, Shell, Seaoil, PTT Philippines, Phoenix Petroleum, Petro Gazz, Flying V, Cleanfuel, Chevron (Caltex), and Petron confirmed the rise of gasoline prices by P0.65 per liter and diesel prices by P0.30 per liter.

Shell, Seaoil, Flying V, Petron, and Chevron have also announced the shoot up of prices of kerosene products by P0.40 per liter.

Last July 10, global oil prices went up as Paris-based International Energy Agency increased its outlook on oil demand to 92.1 million barrels per day — 400,000 barrels a day higher compared to the forecast that was released the previous month.

To date, West Texas Intermediate crude is selling at US$39.98 for each barrel. Brent Crude reached stabilization at US$40-level, and it is trading at US$42.68 per barrel.

Nevertheless, industry experts also said that the increasing number of COVID-19 cases continues to be a risk to the oil industry.

Photo from pna.gov.ph

Also read: After 9 weeks of increase, kerosene, gas prices dip