MANILA – Oil companies have announced another hike in pump prices, marking the fourth consecutive week for an increase.
Starting Tuesday morning, Cleanfuel, Petro Gazz, Seaoil, and Shell will hike diesel prices by PHP0.70 per liter, and gasoline by PHP0.75 per liter.
Seaoil and Shell will also increase kerosene prices by PHP0.70 per liter.
Other oil players are expected to follow suit, with the same rate of price hikes.
According to OilPrice.com, the improving crude prices in the world market is due to bullish demand prospects with the easing of restrictions in the United States and Europe.
World oil prices could be higher, but it was tempered by the surge in the number of cases in India that reaches over 400,000 in a day.
Strong demand during summer also supported fuel prices in the global market. Kris Crismundo / PNA – northboundasia.com