Oil firms hike prices; supply concerns, US recovery cited
By Riza T. Olchondra
Oil firms raised prices for fuel products this week amid concerns on supply disruption and signals of economic recovery in the U.S.
Oil firms raised prices for fuel products this week amid concerns on supply disruption and signals of economic recovery in the U.S.
Local oil prices may increase this week on supply speculation and signals of recovery in the US economy.
Oil prices are sliding this week on weaker trading and an overall expectation of market gloom amid ample US crude supply in coming weeks.
The country’s largest oil refiner and distributor Petron Corp. has raised $120 million from the capital market to complete its Bataan oil refinery upgrade program.
Petron Corp. nearly tripled its net income in 2013 on the back of its sales performance in Malaysia.
Oil firms are rolling back oil prices, citing downward adjustments in international prices.
Diesel and kerosene prices are being rolled back at pump stations this week starting Tuesday (March 11) but gasoline prices will increase slightly.
Oil prices fell further in Asian trade Friday owing to concerns over soft US economic data and the unfolding crisis in Ukraine.
Local oil companies have hiked prices of fuel products starting Tuesday, to reflect the increases in oil prices abroad.
Oil firms announced their first price hike for the year as fuel demand recovered following three straight weeks of decline.
Gasoline and diesel prices are expected to rise this week after three straight weeks of price rollbacks since the start of the year as demand seems to have finally caught up with supply, according to oil industry sources.
The first oil price adjustment for 2014 rolled back diesel and kerosene prices, reflecting the impact of crude stockpiles in the international market.
