Oil prices sets to boost again

Lorraine Alberto, Micole Vergaño | January 31, 2018

Eastern Petroleum, Phoenix Petroleum Philippines and PTT Philippines also applied the same adjustment at 6:00 am while Flyng V started at 12:01 am. Petron, Total Philippines, and UniOil Petroleum Philippines haven't yet announcing a hike as of press time.

Oil companies increased again it's pump prices due to the cultivating demands and plans of major oil producers to disrate result as global prices continues.

Prices of gasoline will raise up to P0. 45 per liter which has been occuring for three straight weeks while diesel and kerosene will go up to P0. 50 per liter that reached seven consecutive weeks.

Pilipinas Shell Petroleum and SeaOil Philippines said that they executed their price adjustment since 6:00 am, January 30, 2018.

According to Department of Energy Undersecretary Felix Fuentabella, comments from the Organization of the Petroleum Exporting Countries (OPEC) in Saudi Arabia and other major oil producers could lengthen their production cuts beyond 2018 to support global oil prices last week.

Fuentabella also added that the global economic growth and expectations of strong global oil demand added to the upward pressure.

On the other hand, the US crude supplies lowers by 1.1 million barrels at the end of trade on Jan. 19, pushing oil to hit $71 per barrel last Thursday for the very first time since the year 2014, according the reports of US Energy Information Administration.