PRICES of refined petroleum products rose ever so slightly this week as a result of a small rally during last week’s trading.
The Department of Energy (DOE) also reported a hike in LPG prices for the month of November.
Petron, Shell, Caltex and Seaoil raised gasoline prices by 25 centavos per liter and kerosene by 10 centavos a liter at 6 a.m. Tuesday.
Phoenix Petroleum and PTT Philippines, which do not sell kerosene, hiked gasoline prices by 25 centavos per liter also at 6 a.m.
There were no adjustments for diesel.
Industry analysts said the higher prices resulted from a slight price rally last week as oil rig counter Baker Hughes Inc. reported a further shrinking in the number of oil rigs in the United States.
It should be noted the US shale oil boom is largely credited for the oil price crash last year and the lingering weakness in demand versus supply this year.
On household LPG, the Solane, Gasul and Petronas brands cost P2.95 per kilogram, or P32.45 for an 11-kg cylinder, more as of 6 a.m. Monday.
Liquigaz raised prices by P2.50 per kg from 12:01 a.m. today, while ECGas costs P2.90 per kg more also from 6 a.m. Tuesday.