Oil prices to rise for 2nd straight week on February 19

MANILA, Philippines – Oil prices are going up for the second straight week on Tuesday, February 19, as oil-producing countries are expected to cut output.

Shell, Seaoil, Petro Gazz, and PTT Philippines will increase gasoline and diesel prices both by P0.70 per liter.

Meanwhile, companies carrying kerosene will impose a hike of P0.35 per liter.

All price changes will take effect 6 am on Tuesday.

Other oil companies are expected to announce the same rates.

Data from the Department of Energy showed that common prices of gasoline in Metro Manila were between P48 and P52 per liter, diesel from P41 to P43, and kerosene at P47.

This is the 6th time oil prices are jumping in 2019. The only rollback was implemented during the first week of February.

The latest hike reflects price movements in the world market.

The Organization of the Petroleum Exporting Countries reported that its total output was at 30.81 million barrels per day (MMbbls/d) over January, down by 797 MMbbls/d month-on-month. – Rappler.com

Ralf Rivas

A sociologist by heart, a journalist by profession. Ralf is Rappler's business reporter, covering macroeconomy, government finance, companies, and agriculture.