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Big-time oil price hike on May 26

May 25, 2020 - Monday 8:05 PM by PNA

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MANILA – Oil firms are set to implement a big-time price increase effective Tuesday.

In separate advisories, Chevron (Caltex), Cleanfuel, Petro Gazz, Phoenix Petroleum, Seaoil and Shell will raise diesel prices by PHP2.10 per liter and PHP1.75 per liter on gasoline prices.

Chevron, Seaoil and Shell will likewise impose PHP2.65 per liter increment on prices of kerosene.

Crude oil prices in the world market started to improve this month as major oil producers and exporters have slashed their production to counter the falling oil prices amid the uncertainties due to the coronavirus disease 2019 (Covid-19) pandemic.

Both West Texas Intermediate and Brent crude oil are trading at USD30-a-barrel level.

Juwai IQI chief economist Shan Saeed is projecting that the world oil prices will continue to improve in the coming months.

Saeed told the Philippine News Agency that crude oil prices are seen to trade between USD47 to USD57 per barrel by year-end. (PNA)

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