Big hike in oil prices today

Pumpprices of petroleum products in the Philippines are set to be hiked by more than P1 this week, marking the second straight week of increases after the surprise production cuts by OPEC+ and its allies.

In separate advisories, Pilipinas Shell Petroleum Corp. and Seaoil Philippines Corp. said they will hike prices per liter of gasoline by P2.60, diesel by P1.70, and kerosene by P1.90.

Cleanfuel will implement the same changes, excluding kerosene which it does not carry.

The adjustments will take ef- fect at 6 a.m. on Tuesday, April 11, 2023 for all the firms except for Cleanfuel, which will adjust prices at 4:01 p.m. the same day.

Other firms have yet to make similar announcements for the week as of posting time.

Saudi Arabia and other members and partners of the Organization of the Petroleum

Exporting Countries (OPEC) last Sunday announced a production cut of 1.16 million barrels per day, which they said aims to support the stability of the market.

Firms last week hiked prices per liter of gasoline by P1.40, diesel by P0.50, and kerosene by P0.50.

Latest data available from the Department of Energy (DOE) indicate a year-to-date net increase of P6.05 per liter for gasoline, and net decreases of P3.65 per liter for diesel, and P5.35 per liter for kerosene.