Oil firms to adjust pump prices Tuesday

MANILA — Oil firms will implement price changes at 6:00 a.m., Tuesday, reflecting international market movement brought about by bombings in Nigeria and the wildfires in Canada.
In separate advisories, Seaoil Philippines Inc., Phoenix Petroleum Philippines and PTT Philippines said they will increase diesel prices by 30 centavos per liter and decrease gasoline prices by 25 centavos per liter.
Seaoil will also increase kerosene prices by 15 centavos per liter.
With the developments, diesel will have a price range of PHP25.35-28.95 per liter, with a common price of PHP28.20 per liter in Metro Manila.
Gasoline, on the other hand, ranges from PHP36.75-44.35 per liter. It also has a common price of PHP41.65 per liter.
Energy secretary Zenaida Monsada explained in a press conference Monday that there were many events affecting international crude oil production, such as the forest fires in Canada and the bombing of facilities in Nigeria, which has lost a supply of 3 million barrels. Both countries are oil producers.
She noted some Nigerian facilities that were bombed are undergoing repairs.
Monsada also said the supply is increasing due to small-scale oil producers slowly restoring operations as the prices are stabilizing. The firms earlier stopped pumping due to the oil price drop.
“The crude prices are increasing as winter ended. The refineries had shutdown, but are returning, while demand is increasing. There’s a supply cut — the demand for crude is high so the prices are increasing,” the DOE head added. PNA/northboundasia.com