MANILA, Oct. 12 (PNA) – Eastern Petroleum Corp. said it will increase the price of its diesel products by 70 centavos per liter at 6:00 a.m. on Tuesday.
The independent player explained that the price hike will “reflect the uptrend in world oil prices at the close of last week’s trading.”
According to the oil monitor of the Department of Energy (DOE), service stations around Metro Manila offered diesel until Monday from Php 24.55-28.00 per liter. It has a common price of Php 26.70 per liter.
However, Eastern Petroleum said it will not move the price of its gasoline products.
With no price change, gasoline will still cost from Php 35.85-43.35 per liter. Its common price amounts to Php 42.25 per liter.
The firm also said that the oil market is still experiencing an oil glut, adding industry experts see that it would take some time for supply and demand to rebalance.
With the forecast, Eastern Petroleum noted global energy demand is expected to increase by a third over the next 20 years.
The downtrend of crude prices started last year during shale oil’s full-blast entry into the oil market. (PNA)