‘Modest’ Oil Price Hike Set Tuesday

Local pump prices are set to go up slightly on Tuesday, giving motorists a “dose of reality” following a big-time rollback last week.

This, amid a very volatile international crude market, which has oil industry observers scratching their heads as to what direction prices are headed.

In separate advisories, Pilipinas Shell, Petron Corporation, Petro Gazz, Seaoil and PTT Philippines announced that the price of their gasoline products will increase by PHP0.35 per liter and diesel prices by PHP20.0 per liter, effective 6 a.m. on June 18, 2019.

Companies carrying kerosene will likewise hike the price of this product, by PHP0.25 per liter.

Other oil firms are expected to issue similar announcements on price adjustments within the day.

These adjustments are in line with developments in the international market, with major oil producing countries cutting supplies to address declining prices, the same observers explained.

Geopolitical issues are also affecting oil prices, thus, the volatilities, they added. (PNA)

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