Pump price update: Diesel, gas, kerosene up today

MANILA: Oil prices trend up again starting today.

Total, Shell, Seaoil, PTT Philippines, Flying V, Petro Gazz, Petron, Unioil, Phoenix Petroleum, Chevron (Caltex), and Cleanfuel announced they are upping diesel prices by P0.20 per liter and gas prices by P0.60 per liter.

Kerosene prices of Shell, Flying V, Petron, Chevron, and Seaoil also hiked by P0.55 per liter.

In a Philippine News Agency report, Juwai IQI Global Chief Economist Shan Saeed said the international oil market in 2020 and 2021 would still be “very volatile and fragile” as macroeconomic stability becomes debatable and economic recovery appears to be uncertain. “In my view, oil prices would meander around US$45 to US$55 per barrel in 2020 and prices would meander around US$50 to US$65 per barrel in 2021.”

The economist highlighted worldwide developments that will have an effect on the future of global fuel prices, including the performance of the US currency that is moving towards tail-end risk and the more profound influence of geopolitics into the markets.

Photo from Shell

Also read: Pump price update: Diesel down by P1.55, gas drops by P1