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FUEL pump prices went up by as much as P0.70 per liter starting Tuesday, breaking the sixth consecutive weeks of oil price rollbacks.
The price increase reflected optimism of latest data from the International Energy Agency that there is no oversupply during the second half and amid reports that Saudi Arabia is ready to help support prices.
Oil prices were further driven by speculation that the Organization of Petroleum Exporting Countries will meet next month to restrain output. Alena Mae S. Flores
Oil firms that issued price advisories of the increase includes Seaoil, Phoenix Petroleum, Eastern Petroleum, Unioil Philippines, Flying V, among others. Other oil companies are expected to follow suit.