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Oil prices in 3-week rising streak

Republika

Due to higher demand in key parts of the globe, oil companies recently implemented another price increase, Diesel prices went up by P0.35 per liter, while gasoline prices jumped by P0.20 per liter.


Caltex, Seaoil, and Shell also implemented a P0.35-per-liter increase on kerosene products.


Oil prices have increased for three consecutive weeks.


According to industry experts, the increase in fuel prices this week can be attributed to higher oil demand in the United States, Europe, and China.


However, demand has been tempered due to the rising coronavirus disease 2019 (Covid-19) cases in India, Brazil, and Japan.


To date, gasoline prices were higher by PHP7.60 per liter compared to the same period last year.


Diesel prices rose by PHP5.70 per liter and kerosene prices went up by PHP4.95 per liter.


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