Oil price hike for five consecutive weeks

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MANILA – Oil prices have increased for five consecutive weeks, as establishments declared another hike beginning Tuesday morning. 

Caltex, Cleanfuel, Petro Gazz, Seaoil, and Shell stated that gasoline prices will increase by PHP1 per liter and diesel prices will rise by PHP0.65 per liter. 

Meanwhile, Caltex, Seaoil, and Shell will also hike kerosene prices by PHP0.75 per liter.

Other oil companies are compelled to follow suit, with similar rate of price hikes.

Senior market analyst Phil Flynn of The Price Futures Group attributed the global market’s rising oil prices to the oil demand optimism, which is “coming back faster than supply,” according to a Market Watch report.

Market sentiment and the momentum of oil prices are also expected to stay positive, as per industry experts.

Even the Organization of the Petroleum Exporting Countries and its allies (OPEC+) would support to increase output by August.

Moreover, according to the Department of Energy’s oil monitor bulletin, the price increase for gasoline was a net increase of PHP10.74 per liter compared to last year, with a year-to-date increase of PHP9.25 per liter on diesel and PHP7.70 per liter on kerosene.

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