Pump prices set to increase on Tuesday

Pump prices set to increase on Tuesday

MANILA – Oil firms will increase their prices starting 12:01 a.m. Tuesday. 

In separate advisories, Chevron (Caltex), Cleanfuel, Petro Gazz and Seaoil announced that they will hike prices of diesel by PHP1.10 per liter, and PHP1.75 per liter for gasoline. 

Chevron and Seaoil will also increase kerosene prices by PHP1 per liter. 

The increments on fuel prices reflect the increasing crude oil prices in the world market. 

Prices of West Texas Intermediate (WTI) and Brent crude now trade at USD40-per-barrel level. 

The Organization of Petroleum Exporting Countries (OPEC) and its allies (OPEC+) are in their second month of reducing output to counter the falling crude oil prices in March and April. 

Oil prices have doubled in May due to the action of the OPEC+ coupled with the improving global demand. 

According to OilPrice.com, OPEC+ is planning to extend the output cuts at least until next month. Kris Crismundo /PNA northboundasia.com