OIL PRICES UP FOR SECOND STRAIGHT WEEK

Oil prices are going up Tuesday, the second consecutive week of an increase with gasoline up by 20 centavos per liter and diesel by 50 centavos.

Caltex, Cleanfuel, Petro Gazz, PTT Philippines, Seaoil, and Shell said they will hike gasoline prices Tuesday while with kerosene prices also up by PHP0.60 per liter.

Other oil firms are expected to follow suit.

Data cited by the Department of Energy (DOE), for the period from May 24 to 28, reveal that Dubai crude has increased by USD0.90 per barrel, while Means of Platts prices for gasoline and diesel went up by USD1.50 per barrel and USD0.75 per barrel, respectively.

As local oil firms implemented a price increase a week ago, year-to-date adjustments for gasoline rose by PHP9.30 per liter, PHP7.60 per liter for diesel, and PHP6.10 per liter for kerosene.

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