Oil companies announced last Monday changes in the pricing of their products that will take effect Tuesday morning at 6 a.m.
Gasoline prices will increase by P0.10 per liter while diesel and kerosene prices will be reduced by P0.10 per liter, respectively.
Among the oil firms that made the announcements include Pilipinas Shell, Seaoil, Petro Gazz and Cleanfuel.
Other oil firms are expected to do the same. They adjust prices every week to reflect movements in the world oil market.
A Bloomberg News report said oil rose above $43 a barrel in New York with focus returning to the fragile demand recovery after the hurricane threat eased.
“Futures added 0.8 percent in New York amid a broader rally in equities, snapping a two-day decline,” Bloomberg reported. “Chinese economic activity continued to rebound in August as the world’s second-largest economy emerges from the virus slump. Meanwhile, US Gulf Coast refineries started the recovery process after Hurricane Laura passed, with facilities in southeast Texas avoided the worst of the storm.”
Bloomberg said “oil is poised for a fourth monthly advance but prices are firmly anchored near $43 a barrel and struggling to push further as nations across the globe battle to contain the virus.”
“The market is also contending with more supply from OPEC+ [Organization of the Petroleum Exporting Countries plus 10 other countries] after the group started easing its historic output cuts, while signs emerged that Chinese crude purchases are starting to slow.”
“Oil still looks positive, but it’s going to grind higher rather than race because there’s still concerns regarding the consumption side of the equation,” Jeffrey Halley a senior market analyst for Asia Pacific at Oanda, was quoted by Bloomberg News. “Whichever countries opened up, Covid-19 has made a return.”
Last week, gasoline prices in the Philippines also increased while a price rollback was implemented on diesel and gasoline.
Lenie Lectura and Bloomberg News
