Oil firms hike prices; supply concerns, US recovery cited

AP FILE PHOTO

MANILA, Philippines—Oil firms raised prices for fuel products this week amid concerns on supply disruption and signals of economic recovery in the U.S.

Petron, Shell, Chevron, and Seaoil said in separate advisories that they raised prices starting 6 a.m. Tuesday, April 22. The adjustments were as follows: +P0.55 (55 centavos) per liter for gasoline, +P0.55 (55 centavos) per liter for diesel, and +P0.70 (70 centavos) per liter for kerosene.

PTT Philippines and TOTAL said they hiked gasoline and diesel prices by P0.55 per liter from 6 a.m. Tuesday, April 22.

The adjustments reflected movements in the international oil market, the companies said.

The price hikes were largely attributed to price speculation amid lingering tensions in the Crimean peninsula between Ukraine and Russia, the world’s seventh largest crude shipper and major exporter of crude oil to Europe and Asia. Better jobs figures in the U.S. helped prop up prices as increased employment is seen to drive demand even though North America seems to have enough fuel supply.

Including the price hike this week, the year-to-date total adjustments stand at a net decrease of P0.35 per liter for diesel and a net increase of P0.65 per liter for gasoline.