Tue. May 11th, 2021

A number of petroleum firms are set to increase their pump prices effective Tuesday.

(photo courtesy: http://www.philstar.com)

In separate advisories, Caltex, Cleanfuel, Petro Gazz, PTT Philippines, and Seaoil said they will hike diesel prices by P0.70 per liter and gasoline by P0.60 per liter.

Caltex and Seaoil will also raise kerosene prices by P0.85 per liter.

Other companies are expected to follow suit.

Industry players said the adjustments reflect the movements in the world oil market.

According to OilPrice.com, oil demand is bouncing back despite the continuing rise of coronavirus disease 2019 (Covid-19) cases in different parts of the world and border restrictions are still in place.

Benchmarks Brent crude is trading at $66.61 per barrel while West Texas Intermediate crude is trading at $63 a barrel.

Meanwhile, after oil players implemented rollbacks on gasoline and kerosene prices last week, year-to-date adjustment for gasoline recorded a net increase of P6.55 per liter and P3.45 per liter for kerosene.

Diesel prices are also higher by P4.65 per liter than last year. SOVEREIGNPH

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