Major Philippine oil firms have announced that prices of their fuel products are set to increase on Tuesday, September 17, 2019. According to Pilipinas Shell, the price of its gasoline-based products will increase by PhP 1.35 per liter. The other major oil players are expected to implement similar price increases on the same day, ranging from + PhP 1.20 – PhP 1.40.
This price increase is the result of easing trade tensions between China and the US, while US crude inventories dropped to their lowest in almost a year. Fuel prices have yet to reflect the market's reaction to a recent drone attack on Saudi Arabian oil producer, Aramco's facilities. The company reportedly produces 1% of the the world's oil with the attacked facility producing 7% of the global supply. 75% of Aramco's oil products go to Asia.
The price hike follows three consecutive weeks of price cuts on pump products.
