Oil firms jack up pump prices a day after polls
MANILA, Philippines — Oil companies raised prices effective 6 a.m. Tuesday, a day after the conduct of midterm elections, “to reflect price movements” in the international market.
Pilipinas Shell moved its gasoline price up by P0.45 per liter and raised the price for diesel by P0.60 and kerosene by P0.50.
Chevron raised pump prices for Gold and Silver gasoline by P0.45 per liter, diesel by P0.60 and kerosene by P0.50.
Phoenix Petroleum said it increased the prices of its premium and unleaded gasoline by P0.45 per liter and diesel by P0.60 per liter. This was “to reflect the upward movement” in the prices of refined petroleum products in the international market,” Phoenix Petroleum said in its advisory.
TOTAL also adjusted its pump prices, adding P0.45 per liter for gasoline and P0.60 per liter for diesel.
SEAOIL hiked the prices of its gasoline products by P0.45 per liter, diesel by P0.60, and kerosene by P0.50.
The Department of Energy’s latest Oil Price Monitor said oil prices extended gains in the April 29-to-May 3 trading from the previous week on investors’ expectation of stronger global economic activity, following positive news from Europe and the U.S. It was also driven by weaker U.S. dollar and overall stronger commodities prices.
“However, prices seesawed within the rest of the week on mixed news of slower-than expected growth data from the world’s two largest oil consumers, China and the U.S., and escalating tensions in the Middle East as Israel reportedly launched its second airstrike around Syria’s capital,” the report said.
Growth in China’s manufacturing sector unexpectedly slowed in April as new export orders fell, raising fresh doubts about the strength of the economy after a disappointing first quarter, the report said.
Meanwhile, the U.S. Energy Information Administration said the country’s crude supplies jumped 6.7 million barrels for the week ended April 26, larger than the American Petroleum Institute forecast of one-million barrel increase, according to the report.
As for assessments on the products market, Platts noted that Asian sentiment on gasoil/diesel remained bearish due to surplus barrels from China, South Korea, and Taiwan amid lack of demand in the region. On the other hand, sharp declines of about $4 in gasoline in the midweek reportedly caught up with the sharp correction in the US and European markets, the report said.
Platts further noted that the declines followed the sharp sell-off in global oil prices following bearish macro-economic data from the U.S. and China and a weaker-than-expected US oil inventories report. The lack of buying support also helped push regional prices lower, the report said.
