Another Big Surge Seen In Oil Prices This Month
Global movements in oil prices have put further upward pressure on domestic oil prices this month.
Phoenix Petroleum Philippines had announced an increase in gasoline by P1.05 per liter and diesel by P0.75 per liter effective 6 a.m. of 16 April. Shell and Petro Gazz also followed suit with price increases of gasoline by P1.05 per liter, while diesel went up by P0.75 per liter. This marks a second week of consecutive increase in oil prices in April.
Since the start of the year, oil prices have chartered a net increase of P6.80 per liter for gasoline, P4.65 per liter for diesel and P3.45 per liter for kerosene.
The Department of Energy had issued a statement that oil prices went up due to crude oil prices in the international market hitting US$70 per barrel and further attributed the perceptions of a tightening supply to “involuntary supply cuts from Venezuela and Iran plus conflict in Libya”.
Here are the retail prices in Metro Manila beginning April 16, 2019 as provided by the Department of Energy (DOE):
[Source]
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