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Oil prices surge by over P-1 per Liter

After the slight rollback in pump prices last week, the oil firms announced a more-than-one-peso-per-liter increase on prices of diesel and gasoline, effective Tuesday, May 15.

Effective 6 a.m., Petron, Jetti, Phoenix Petroleum, Seaoil, Caltex, Pilipinas Shell, and Flying V will implement a price increase of PHP1.10 per liter for gasoline, and PHP1.20 per liter for diesel.

Likewise, Petron, Seaoil, Pilipinas Shell will sell kerosene for an additional PHP0.95 per liter.

The oil firms said the price adjustments reflect the movements in the international petroleum market.

International media reports have it that US President Donald Trump’s pulling out of the Iran nuclear deal, the return of economic sanctions on one of the world’s largest oil exporters, and the exchange of airstrikes between Syria and Israel, have been fueling tensions in the international oil market.

Analysts were said to foresee higher oil prices in the coming months if geopolitical risks remain high. (PNA)

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