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Oil prices up by over P1/liter

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by Madelaine B. Miraflor

Motorists will contend with a new oil price hike of up to P1.40 per liter starting today, reflecting the increase in global crude prices after the members of the Organization of Petroleum Exporting Countries (OPEC) agreed a week ago to curb their production.

Crude prices surged even further yesterday as the non-OPEC oil producers agreed to join their OPEC counterparts to also curb output.

In separate advisories, independent oil players Phoenix Petroleum Philippines, PTT Philippines, and Flying V said they will jack up the price of gasoline and diesel by P1.40 per liter effective 6 a.m. this morning

Bigger players like Pilipinas Shell, Petron, and Caltex are expected to follow suit.

The OPEC cartel agreed to lower its monthly output by 1.2 million barrels per day (bpd) to 32.5 million bpd for next month.

Under the deal, OPEC also wants oil-producing nations outside the cartel to lower their output by 600,000 barrels a day.

Moscow — the world’s largest oil producer along with OPEC kingpin Saudi Arabia — has already signaled it would provide half of that production cut in the first half of 2017.

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