DIESEL prices went up by P0.10 per liter for kerosene starting Tuesday.
Seaoil Philippines, PTT Philippines, Flying V, Unioil Philippines and other oil companies issued separate advisories of the weekly price adjustment. The oil firms, however, did not move gasoline prices.
“This is to reflect movements in the international oil market,” Seaoil said.
Latest Energy Department monitoring showed that crude prices generally posted significant monthly gain in December, supported by the impact of the planned production cut from Organization of the Petroleum Exporting Countries and non-Opec countries.
Opec and non-Opec members’ agreement to slash their production by around 1.8 million barrels a day in their latest meeting in Vienna on Nov. 27 pushed up prices starting December.
Analysts said crude oil prices may steadily increase towards $60 a barrel by the end of 2017, with further upside capped by a stronger dollar exchange rate, a possible recovery in the North American output, and likely non- compliance with planned output.
Last Jan. 3, oil companies implemented an increase of P0.70 per liter in gasoline, P0.60 per liter in diesel and P0.55 per liter in kerosene.
Cooking gas or liquefied petroleum has increased by P4.15 to P4.18 per kilogram due to the month-on-month increase in LPG Contract Price by $69 per metric to US$477/MT.