Another Oil Price Hike for July 2

Several oil companies have increased their pump prices today, Tuesday, July 2, in line with developments in the international market.

Petro Gazz, Seaoil, and PTT Philippines said the prices of their respective gasoline products have increased by PHP1.20 per liter and diesel by PHP0.95 per liter as of 6 AM on Tuesday.

At the same time, Seaoil also hiked its kerosene price by PHP1 per liter.

Officials from the Organization of the Petroleum Exporting Countries (OPEC) and other major oil producing countries like Russia are firm on cutting oil production to shore up prices in the international market.

This, as supply from non-OPEC countries such as the US remains high.

Analysts said market players are all eyes on the upcoming meeting between OPEC and their counterparts from Russia in Vienna this week, noting that this would spell new developments for the energy and financial markets.