Oil prices to go up anew

Oil prices to go up anew

MANILA – Oil companies will implement another price hike Today (Tuesday).

Oil players such as Chevron (Caltex), Cleanfuel, Flying V, Petro Gazz, Seaoil and Shell will increase diesel prices by PHP0.30 per liter and PHP0.70 per liter for gasoline prices.

Flying V, Seaoil, and Shell also announced an increment of PHP0.40 per liter will be imposed on kerosene prices.

Some oil firms have already factored in the additional 10-percent tax on crude and petroleum products as directed by Executive Order 113 that leads to higher pump prices.

The EO aims to collect more taxes from imported fuel products to fund the government’s coronavirus disease 2019 (Covid-19) response.

Meanwhile, West Texas Intermediate (WTI) crude and Brent crude prices both slightly slipped as of writing.

WTI crude is trading at USD38.49 per barrel while Brent crude at USD41.02 per barrel.

S&P Global said demand uncertainty has remained which slows down crude market recovery going into the third quarter of the year.

It added demand recovery kept sentiment cautious as global infection of Covid-19 continues to rise. Kris Crismundo /PNA – northboundasia.com