Oil firms to hike pump prices Tuesday

MANILA — Oil companies will increase pump prices Tuesday, still triggered by market optimism on the production cut agreement of the Organization of the Petroleum Exporting Countries (OPEC).

In separate advisories Monday, Pilipinas Shell Petroleum Corp., Phoenix Petroleum Philippines and Flying V said they will hike gasoline prices by 40 centavos per liter and diesel prices by 70 centavos per liter on Tuesday.

Flying V will implement the movements at 12:01 a.m., while Shell and Phoenix will apply the price changes at 6 a.m.

Shell and Flying V will also hike kerosene prices by 65 centavos per liter.

According to the Energy Department’s oil monitor in Metro Manila, diesel prices currently range from PHP27.55 to PHP32.25 per liter, with a common price of PHP29.35 per liter.

Gasoline prices, on the other hand, range from PHP36.00 to PHP47.00 per liter, with a common price of PHP45.08 per liter.

On Monday, international crude prices also increased, caused by the anticipated tighter market next year.

Brent crude trades at USD55.41 per barrel, which increased by 20 cents from its close last Friday.

US West Texas Intermediate crude oil, on the other hand, went up by 22 cents to USD52.12 per barrel. PNA-northboundasia.com