Oil price hike seen as demand recovers

By Riza T. Olchondra

Philippine Daily Inquirer

8:39 pm | Monday, January 27th, 2014

AFP FILE PHOTO

MANILA, Philippines-Fuel prices are expected to recover this week after three straight weeks of rollbacks since the year started.

Independent oil player PTT Philippines said in an advisory on Monday night that it will raise gasoline prices by P0.45 per liter and diesel prices by P0.60 per liter from 6 a.m. Tuesday, Jan. 28.

The adjustments reflect price movements in the international market, PTT said.

Other oil firms have not officially announced price changes but are expected to since fuel retailers tend to track each other’s adjustments. The Philippines imports most of its fuel products and is highly vulnerable to international oil price movements.

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Tags: Business , Oil Price Hike

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