Big-Time Oil Price Increase for this Week

The five week-straight oil price increases in the country will be followed by a big-time oil price hike of over a peso that was made effective today.

Oil firms Caltex, Cleanfuel, Petro Gazz, PTT Philippines, Seaoil, and Shell increased their gasoline prices will rise by PHP1.45 per liter, while their diesel price was increased by PHP2.05 per liter.

Moreover, oil firms Caltex, Seaoil, and Shell increased their kerosene prices by PHP2.05 per liter, with other oil companies expected to make their own respective adjustments to their oil products.

The huge price increase comes as oil prices in the world market traded over USD80 which was the first time crude price in the world market traded for such an amount in three years.

Dubai crude increased by USD1 per barrel during the September 20 and 24 trading days, according to the Department of Energy oil monitor bulletin.

Moreover, gasoline and diesel price at Mean of Platts Singapore (MOPS) also increased by USD1.15 per barrel and USD1.85 per barrel.

Year-to-date price increase on gasoline stood at PHP15.10 per liter, diesel by PHP12.95 per liter, while kerosene prices increased by PHP0.95 per liter. (GFB)