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Oil prices up today

Oil companies will increase gasoline prices by P1.50 per liter and diesel prices by P1.20 per liter today, following the trend in global markets last week due to the upcoming meeting of Organization of the Petroleum Exporting Countries to discuss the production cap Monday.

In separate advisories, Phoenix Petroleum Philippines and Flying V said they will apply the changes at 12:01 a.m. and 6 a.m., respectively.

Flying V will also hike its kerosene prices by P1.40 per liter.

The Energy department’s oil price monitor in Metro Manila bared that diesel prices range from P25.75 to P29.32 per liter and gasoline prices range from P34.60 to P44.10 per liter.

The global crude market has suffered from a glut since 2014, leading to a drop in prices. (PNA)