OIL FIRMS TO HIKE PUMP PRICES TUESDAY

MANILA — Pilipinas Shell Petroleum Corp. (PSPC) and Phoenix Petroleum Philippines will hike pump prices Tuesday.

In separate advisories, Shell and Phoenix said they will increase diesel prices by 65 centavos per liter and gasoline prices by 80 centavos per liter.

Shell will also hike kerosene prices by 70 centavos per liter.

The two firms will apply the price changes at 6:00 a.m., Tuesday.

The Department of Energy’s (DOE’s) oil monitor for Metro Manila shown as of Mar. 1 that diesel prices range from PHP19.25-22.75 per liter, while gasoline prices range from PHP30.00-39.32 per liter.

The department also noted gasoline had a net decrease of PHP2.13 per liter for the year, while diesel had a net cut of 70 centavos per liter.

The price change is derived from the average price movements for the previous five trading days in the global markets.

Phoenix Petroleum explained the change reflect prices in the international oil markets caused by “speculations of a possible freeze in oil production.”

Earlier, Russia, Saudi Arabia, Venezuela, Qatar and Iraq were reported to be discussing a production freeze based on their January outputs.

The countries, however, gave conditional commitment for the planned cap.

The global oil markets also rallied last week as data shown that US energy firms cut eight oil rigs for that week, which decreased the total count to 392. PNA/northboundasia.com