MANILA – Oil prices will increase starting Tuesday morning.
In separate advisories, Cleanfuel, Petro Gazz, Seaoil, Shell, and Total will hike diesel prices by PHP1.10 per liter, and gasoline prices by PHP1.25 per liter.
Seaoil and Shell will also increase PHP0.75 per liter on prices of kerosene.
Local fuel prices have increased for six consecutive weeks.
Global crude oil price ended its seven-week rally as the market remains uncertain with the recovery in oil demand after coronavirus disease 2019 (Covid-19) infections spike across the United States, according to market watchers.
As of this writing, West Texas Intermediate crude is trading at USD34.56 a barrel, down by 4.69 percent, while Brent crude price declined by 3.36 percent to USD37.43 per barrel. Kris Crismundo /PNA – northboundasia.com