Fuel prices go up in PH amid price corrections in world market

AP FILE PHOTO

OIL firms expectedly raised prices this week amid price corrections in the international market.

Shell and Seaoil raised pump prices for gasoline by 50 centavos per liter, diesel by P1.10 per liter, and kerosene by P1.25 per liter from
12:01a.m., May 12.

Petron implemented similar price hikes for gasoline, diesel, and kerosene from 6 a.m. Tuesday.

Minor oil firms PTT Philippines and Eastern Petroleum imposed the 50-centavo per liter hike for gasoline and P1.10 per liter hike for diesel from 12 a.m.

Phoenix Petroleum and TOTAL implemented the same adjustments for gasoline and diesel from 6 a.m.

Including this week’s adjustments, prices of gasoline have grown by P4.02 per liter while that of diesel increased by P1.04 per liter
since January 2015.

Last week, oil firms raised prices of gasoline by 95 centavos, diesel by 65 centavos, and kerosene by 50 centavos.

Some industry players said prices might still go down in the coming weeks since supply might increase and temper an oil
price surge.

Iran, an oil exporter currently hampered by international sanctions due to opposition to its nuclear program, could open up more trade in the future.

If Iran reaches a nuclear deal with Western powers to have the sanctions diluted or shelved, Iranian exports would likely increase.

This will boost supply in the international market, which may stabilize or even pressure prices lower.

Depending on expected U.S. shale oil output and fuel consumption, economic growth in China and other high-growth economies, foreign exchange rates (which affect import prices of countries such as the Philippines), and overall market sentiment, prices could remain tempered for much of the year, some analysts said. SFM/AC