PHOTO FROM PHOENIXPHILIPPINES.COM
MANILA, Philippines — Oil prices grew marginally this week amid lingering supply concerns.
In separate advisories, oil firms said they raised gasoline prices by P0.20 (20 centavos) per liter, diesel by P0.30 (30 centavos) per liter, and kerosene by P0.25 (25 centavos) per liter.
Petron, Shell, Chevron, and Seaoil imposed the increase for the three products from 6 a.m. Tuesday, April 29.
Phoenix Petroleum, PTT Philippines, and TOTAL implemented the increases for gasoline and diesel from 6 a.m. Tuesday.
The companies said the adjustments reflected the continued increase in the prices of refined petroleum products in the international market, as well as foreign exchange movements.
Including the price adjustment this week, the year-to-date total adjustments stand at a net decrease of P0.05 (5 centavos) per liter for diesel and a net increase of P0.85 (85 centavos) per liter for gasoline.
Lingering oil supply disruption concerns in Europe have been driving oil prices overall. Escalating tension between Russia and the Ukraine is feared to push the U.S. and European Union to sanction Russia’s economic interests, which are dominated by energy trade.
Price speculation is also stoked by disrupted oil production and shipments from Libya, a member of the Organization of Petroleum Exporting Countries, which holds the largest crude reserves in Africa, due to civil unrest.
In the U.S., consumer sentiment declined last week amid weak profits for retail and entertainment giant Amazon and car company Ford. Lower sales for Ford was particularly worrisome for traders as this was seen to signal weak demand for transport in the world’s top fuel consuming economy.
However, prices in Asia are supported by limited regional supply amid refinery turnarounds, according to industry observers.
Also, according to the Department of Energy’s Oil Monitor, demand is expected to climb ahead of Muslim fasting month Ramadan, which begins late June this year. With a report from Tetch Torres-Tupas/INQUIRER.net
RELATED STORY
Fuel prices seen to rise slightly