Oil prices to increase Jan. 5
Economic News • 19:30 PM Mon Jan 4, 2021
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By:
Kris Crismundo
MANILA – Fuel costs are set to increase Tuesday morning, greeting consumers with a new year price hike.
In separate advisories, Cleanfuel, Petro Gazz, Seaoil, and Shell announced they will hike diesel prices by PHP0.30 per liter, and PHP0.45 per liter for gasoline products.
Seaoil and Shell will likewise increase prices of kerosene by PHP0.40 per liter.
According to the Department of Energy (DOE), oil prices ended 2020 lower than its previous year.
After oil firms implemented rollback last Dec. 29, year-to-date prices of diesel recorded a net decline of PHP5.96 per liter, gasoline of PHP1.97 per liter, and kerosene of PHP9.49 per liter.
“Asian demand is expected to remain steady but cheaper arbitrage barrels from the West may impact Middle East crude prices,” DOE oil monitor bulletin said.
It added industry players anticipate a quiet start to trade this month amid ample supply, and the need for oil producers to re-evaluate official selling prices for Middle East crude. (PNA)