Oil companies to raise gasoline prices P1.35 per liter

After three consecutive weeks of rollbacks, oil companies Monday said they are raising the pump prices per liter of petroleum products.

Pilipinas Shell Petroleum Corp. and SEAOIL Philippines Inc. are increasing the prices per liter of diesel by P0.85, gasoline by P1.35, kerosene by P1.00.

Cleanfuel is implementing similar changes, excluding kerosene which it does not carry.

The changes will take effect at 6:00 a.m. on Tuesday, September 17, 2019.

Petro Gazz earlier announced the same adjustments in pump prices, while other companies have yet to make similar announcements.

Latest data from the Department of Energy (DOE) showed a net increase in the year-to-date adjustments presently stand at P3.17 for diesel, P4.16 per liter for gasoline, and P1.01 per liter for kerosene.

In a separate report by Reuters, oil prices surged to six-month highs on Monday while Wall Street futures turned lower and safe haven bets returned after weekend attacks on Saudi Arabia’s crude facilities knocked out more than 5% of global oil supply.

US crude futures jumped 15% to the highest since May. It was last at $60.89 a barrel while Brent crude was up 13% at $68.06 after earlier rising to $71.95.

“Saturday’s news of multiple drone attacks on Saudi Arabia Abqaiq petroleum processing facility is set to reverberate through global markets this week,” according to Reuters, quoting Ray Attrill, head of forex strategy at National Australia Bank. —VDS, GMA News