Petroleum Products Price Hike On The First Week Of Year 2021
PETROLEUM PRODUCTS – Oil firms have said that there will be a price hike on the price of petroleum products on the first week of the year 2021.
According to a report from PhilStar, prices of gasoline will have an increase of P0.45 per liter, P0.30 per liter for the price of diesel, and P0.40 per liter for the price of kerosene.
Petro Gazz, Petron Corp., Pilipinas Shell Petroleum Corp. and Seaoil Philippines said in separate advisories that the price hike took effect at 6 AM while Unioil implemented the effect at 6:01 AM, while Cleanfuel’s adjustment will take effect at 4:01 PM.
In the last trading week of 2020, global oil prices increased and pushed by optimism over COVID-19 vaccine rollouts and recovery in fuel demand.
Crude prices lost 20 percent of their value for the entirety of 2020 as fuel demand collapsed due to the COVID-19 pandemic, and after a price war between oil giants Saudi Arabia and Russia.
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