Oil firms raise prices

OIL FIRMS are raising fuel prices this week due to hikes in the international market and ethanol prices.

Petron, Shell and the other firms will adjust prices by 10 centavos per liter for gasoline, 65 centavos per liter for diesel and 70 centavos per liter for kerosene from 6 a.m. today.

The adjustments reflect movements in the international oil market and ethanol, the oil firms said.

Independent oil firm Phoenix said it will increase the prices of gasoline by 10 centavos and diesel by 65 centavos at 6 a.m. today.

Eastern Petroleum announced it will increase the price of diesel by 70 centavos per liter at 6 a.m.

Analysts said the market remains to have a glut in petroleum products.

Industry experts even noted that it would take time for oil supply and demand to rebalance, and global demand for energy is seen to grow by a third over the next 20 years. Riza T. Olchondra