Oil prices are expected to escalate today as announced by local petroleum companies after two (2) weeks of price rollbacks.
PTT Philippines, Phoenix Petroleum Philippines, and SeaOil Philippines Inc. stated in different advisories that diesel prices are to increase by P1.50 per liter and gasoline prices by P1.10 per liter at 6:00 a.m., Tuesday, April 19.
Flying V announced a similar rate of increase, but it will raise prices by 12:01 a.m.
Other companies such as Shell, Caltex, and Petron are expected to elevate prices as well.
As per the Department of Energy’s recent data, diesel has a price range of Php. 20.05 to Php. 25.77 per liter in Metro Manila. Its prevailing price is Php. 22.65 per liter. On the other hand, diesel is ranging from Php. 33.40 to Php. 41.10 per liter with a common price of Php. 38.30 per liter.
Oil prices and its changes are dependent upon international trade for oil. Oil price hike mirrors movements in the international petroleum market.
Around 20 oil exporting and producing nations met in Doha, Qatar Sunday. The purpose of the meeting is to discuss whether to implement output freeze. The deal fell apart when Saudi Arabia demanded that Iran joined in notwithstanding its firm assertion that it would not do so because it plans to return to its pre-sanctions level of production at million barrels per day.
West Texas Intermediate fell to $40.36 per barrel for May delivery in the New York Mercantile Exchange last week.
On the other hand, Brent declined to to $43.1 per barrel at the London ICE Futures Exchange for June Delivery.
It was also reported by the International Energy Agency that global oil supplies decreased 0.3 million barrels per day in March to 96.1 million barrels per day.