Published April 5, 2021, 1:04 PM
Gasoline prices at petroleum pumps will increase by P0.65 per liter this week; while diesel and kerosene prices will marginally go up by P0.05 per liter, based on the pricing notices sent by the oil companies.
But for industry player Cleanfuel, the upward adjustment it implemented this week was just for gasoline at P0.65 per liter; while it has not enforced any movement on its diesel price.
MB file photo. (Mark Balmores)
As of this writing, the oil firms that already announced price adjustments effective Tuesday (April 6) had been Pilipinas Shell Petroleum Corporation, Cleanfuel, Total and Chevron; while competitors are expected to follow their pricing leads.
Oil slips to $64 as rising OPEC+, Iranian output weighs
By Alex Lawler
Reuters
LONDON (Reuters) - Oil slipped to around $64 a barrel on Monday as rising supply from OPEC+ and higher Iranian output countered signs of a strong economic rebound in the United States and hopes for a wider demand recovery in 2021.
The Organization of the Petroleum Exporting Countries and allies, known as OPEC+, agreed on Thursday to monthly production hikes from May to July. Iran is also boosting supply. [OPEC/O]
Brent crude for June fell 96 cents, or 1.5%, to $63.90 a barrel by 0905 GMT. U.S. West Texas Intermediate crude for May dropped 62 cents, or 1%, to $60.83.
Oil prices slip after gains led by OPEC+ move gulftoday.ae - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from gulftoday.ae Daily Mail and Mail on Sunday newspapers.
Oil prices dip after OPEC+ agree to ease output cuts
By Florence Tan
Reuters
SINGAPORE (Reuters) -Oil prices slipped on Monday, paring strong gains made in the previous session after OPEC+ agreed last week to gradually ease some of its production cuts between May and July.
Brent crude futures for June fell 33 cents, or 0.5%, to $64.53 a barrel by 0206 GMT while U.S. West Texas Intermediate crude for May was at $61.20 a barrel, down 25 cents, or 0.4%.
Both contracts settled up more than $2 a barrel on Thursday as investors viewed the OPEC+ decision as an affirmation of demand-led recovery and optimism was boosted by U.S. President Joe Biden s $2 trillion infrastructure spending plan. Markets were closed on Friday because of the Easter holiday.