Fuel prices going up again Dec 20

Fuel prices going up again Dec 20
Oil companies in the Philippines will implement the price hike at 6 am on Tuesday, December 20

MANILA, Philippines – Effective Tuesday, December 20, the price of gasoline will increase by 40 centavos per liter, diesel by 70 centavos per liter, and kerosene by 60 centavos per liter.

As of posting time, Pilipinas Shell, PTT Philippines, Phoenix Petroleum, Flying V, and Total have announced that they will implement the price hike at 6 am on Tuesday.

Other oil firms are expected to follow suit.

This is the 5th price increase for gasoline and the 4th for diesel and kerosene since November 21.

Last December 13, oil firms implemented an increase of P1.40 per liter for both gasoline and diesel. 

Kerosene increased as well by P1.45 per liter during the week. (READ: Oil resumes rise after OPEC cut)

The price movements last December 13 brought the corresponding increase in the year-to-date adjustment in gasoline to P7.04 per liter and diesel to P8.58 per liter.

Based on monitoring of the Department of Energy (DOE), higher oil prices in the world market came after the Middle East-led Organization of the Petroleum Exporting Countries (OPEC) and other exporters agreed to cut output by almost 1.8 million barrels per day to address oversupply and prop up prices.

Non-OPEC producers also agreed to cut 600,000 barrels per day beginning January.

In Asia, the gasoline market ended with firm spot demand on strong buying interest, although traders are beginning to see increased regional supplies in January. 

The excessive supply in the gas and oil markets, however, may continue to overshadow regional requirements.

Overall, Dubai crude increased week-on-week by almost $4/bbl. 

Mean of Platts Singapore (MOPS) gasoline and diesel also increased by about $4.40 and $4.20 per barrel, respectively. – Rappler.com

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