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MANILA, Philippines—Oil firms raised pump prices Tuesday amid positive prospects for US and Chinese demand, as well as renewed oil supply concerns.
Pilipinas Shell, Petron, PTT, Phoenix Petroleum and Seaoil raised their prices for diesel by 20 centavos per liter and for gasoline by 55 centavos per liter effective 6 a.m.
There are renewed supply concerns due to increased activity in the Chinese manufacturing industry and the continuing geopolitical tensions in Ukraine.
HSBC and financial data firm Markit reported that the Flash China Manufacturing PMI (Purchasing Managers Index) grew to 49.7 in May from April’s 48.1—the first time since December 2013 that the index nearly reached the confidence-boosting line of 50.
Positive manufacturing data in the United States also helped push prices on optimism that this would translate to more oil demand. Markit’s US Manufacturing PMI reached 56.2 in May from 55.4 in April.
The conflicts in Libya and Ukraine also supported crude prices.
Libya, which has Africa’s largest oil reserves, suffered renewed violence last week as protesters shut down the office that runs the Brega oil port—one of the few to remain open through most of the rebel conflict since last year.—Riza T. Olchondra