Pump price update: Gas up P0.60, diesel up P0.10

MANILA: Fuel prices at gas stations went up today again.

In separate announcements, Shell, Seaoil, Petro Gazz, Flying V, PTT Philippines, Phoenix Petroleum, Cleanfuel, Petron, and Chevron (Caltex) said they increased gasoline prices by P0.60 per liter and diesel prices by P0.10 per liter.

The price of kerosene remained unchanged. 

The price movement reflects that of the global oil market's. OilPrice.com data showed that Brent crude and West Texas Intermediate (WTI) crude prices shot up to $42.41 per barrel and $45.16 per barrel, respectively.

The market began trading at an increased rate this week ahead of the meeting of the Organization of Petroleum Exporting Countries (OPEC) on Wednesday.

Based on S&P Global Platts, OPEC and its allies are anticipated to maintain their current oil production after easing cuts to 7.7 million barrels per day for August.

S&P Global Platts stated, “Analysts believe that risks remain skewed to the downside and a faltering economic recovery and rising global supply could derail a potential fourth consecutive monthly increase in crude oil prices since May.”

It also added that the International Energy Agency and OPEC also decreased their estimates on oil demand worldwide to 91.95 million barrels a day and 90.63 million barrels a day, respectively.

Photo from pna.gov.ph

Also read: Pump price update: Kerosene, diesel prices down, gasoline up