By Juzel L. Danganan
MANILA, Sept. 7 (PNA) — Seaoil Philippines Inc. (SPI) and Eastern Petroleum Corp. will hike prices of its gasoline and diesel products effective Tuesday.
SPI said in an advisory it will boost gasoline prices by PhP1.75 per liter and increase diesel prices by PhP1.95 per liter.
It will also increase its kerosene products by PhP1.85 per liter.
Eastern Petroleum Corp., on the other hand, said it will hike gasoline prices by PhP1.70 per liter and diesel by PhP1.90 per liter.
It explained the price hike was caused by the supply cut from oil exporting countries due to the low demand.
The oil company added analysts are hoping — that with the latest oil price rebound — global oil prices had already hit its lowest price.
“Analysts are hopeful that world oil prices have already seen its bottom price, while maintaining that the volatility in world oil prices would remain for the rest of the year,” it said.
SPI said it will apply the price changes at 12:01 a.m. Tuesday, while Eastern Petroleum’s new rates will take effect at 6 a.m. Tuesday.
According to the Energy Department’s oil price monitor, diesel prices are currently playing between PhP23.10-26.77 per liter, with a common price of PhP23.95 per liter.
Gasoline, on the other hand, has a price range of PhP35.40-41 per liter. It has a common price of PhP40.20 per liter. (PNA)