Oil Prices Go Up by As Much As P1/Liter

Oil Prices Go Up by As Much As P1/Liter

What goes up must go down; and with the movement of world prices going up, oil prices increased by as much as P1 per liter this week.

Unioil Philippines confirmed this in its weekly oil price adjustment announcement:

The rise in oil prices marks the end of the oil price rollbacks that the country has been experiencing for two consecutive weeks. Last May 14, there was a price rollback of P1.25 per liter for gasoline and P0.30 per liter for kerosene. Diesel prices, however, remain unchanged according to Manila Standard.

World prices went up last week after the continued tension that has been building up in the Middle East. Strategist Greg McKenna told CNBC.com:

"“Al-Falih and the UAE both put paid to suggestions of increasing production over the weekend and then President Trump essentially telling Iran to bring it on was a perfect short-term storm for oil prices."

Despite this, Saudi Energy Minister Khalid al-Falih indicated that the allied oil-producing companies and Organization of the Petroleum Exporting Countries (OPEC) are planning to lower the crude prices "gently". Meanwhile, OPEC has indicated that they can still support the prices this year.

Read All

Featured Articles

Recommended Articles For You

Read All

Car Articles From Zigwheels

  • News
  • Article Feature
  • Advisory Stories
  • Road Test
  • ACMobility guarantees worry-free electrified mobility EV models, charging hubs
    ACMobility guarantees worry-free electrified mobility EV models, charging hubs
    Ruben Manahan IV . Today
  • LTO announces DL renewal schedule, to commence after Holy Week
    LTO announces DL renewal schedule, to commence after Holy Week
    Paulo Papa . Today
  • GAC Motor PH to reveal Emkoo Hybrid
    GAC Motor PH to reveal Emkoo Hybrid
    Ruben Manahan IV . Mar 27, 2024
  • Toyota PH offers emergency roadside assistance for Lenten season anew
    Toyota PH offers emergency roadside assistance for Lenten season anew
    Paulo Papa . Mar 27, 2024
  • Honda Cars PH reactivates HEAT for Holy Week
    Honda Cars PH reactivates HEAT for Holy Week
    Paulo Papa . Mar 27, 2024
  • Brembo: an ideal choice for discerning Filipino car owners
    Brembo: an ideal choice for discerning Filipino car owners
    Paulo Papa . Mar 26, 2024
  • Flyweight feud: Suzuki S-Presso AGS vs. Honda Brio V CVT
    Flyweight feud: Suzuki S-Presso AGS vs. Honda Brio V CVT
    Paulo Papa . Mar 20, 2024
  • Cabin check: What’s inside the BYD Atto 3
    Cabin check: What’s inside the BYD Atto 3
    Paulo Papa . Mar 19, 2024
  • Midsize SUV battle: Hyundai Santa Fe vs. Ford Everest
    Midsize SUV battle: Hyundai Santa Fe vs. Ford Everest
    Paulo Papa . Mar 14, 2024
  • Hyundai Santa Fe: 6 seductive colors
    Hyundai Santa Fe: 6 seductive colors
    Paulo Papa . Mar 12, 2024
  • Here are some ideal destinations and safety tips for the upcoming Holy Week
    Here are some ideal destinations and safety tips for the upcoming Holy Week
    Paulo Papa . Mar 08, 2024
  • Here are some New Year’s resolutions for car owners
    Here are some New Year’s resolutions for car owners
    Paulo Papa . Jan 03, 2024
  • PH auto market: 2023 in retrospect
    PH auto market: 2023 in retrospect
    Paulo Papa . Dec 15, 2023
  • Here’s a holiday gift guide for car enthusiasts
    Here’s a holiday gift guide for car enthusiasts
    Hazel Nicole Carreon . Dec 15, 2023
  • Oil players cut pump prices anew
    Oil players cut pump prices anew
    Paulo Papa . Nov 14, 2023
  • First look: JMC Grand Avenue
    First look: JMC Grand Avenue
    Paulo Papa . Mar 27, 2024
  • Above average: Toyota Raize G
    Above average: Toyota Raize G
    Paulo Papa . Mar 22, 2024
  • BYD Atto 3: from the metro to the mountains
    BYD Atto 3: from the metro to the mountains
    Paulo Papa . Mar 18, 2024
  • Late bloomer: Hyundai Stargazer GLS Premium
    Late bloomer: Hyundai Stargazer GLS Premium
    Ruben Manahan IV . Mar 08, 2024
  • Adventure-ready: Subaru Crosstrek
    Adventure-ready: Subaru Crosstrek
    Paulo Papa . Mar 01, 2024