Oil Prices Set to Increase This Week After Weeks of Rollbacks

After six-consecutive weeks of rollbacks, oil prices in the country are once again set to increase.

This comes as oil firms Caltex, Cleanufel, Petro Gazz, PTT Philippines, Seaoil, and Shell announced in separate advisories that their diesel prices will increase by PHP1.35 per liter, while their gasoline prices are set to rise by PHP1.60 per liter.

Moreover, kerosene prices of oil firms Caltex, Seaoil, and Shell will also rise by PHP1.20 per liter, with other oil firms in the country expected to make similar adjustments to their diesel, gasoline, and kerosene prices.

The current increase in the prices of oil in the country ends the six-week streak of continuous rollbacks where diesel prices around the country decreased by PHP5.40 per liter, while kerosene prices decreased by PHP5.55 per liter since November 2.

Meanwhile, Gasoline prices also started to have a streak of rollbacks amounting to a total reduction of price by PHP6.25 per liter.

The reduction of oil prices in the. country is due to global crude prices decreasing amid the threat of the Omicron variant of the COVID-19 pandemic.

Year-to-date price adjustments for gasoline currently stand at a net increase of PHP15.70 per liter, while diesel prices had anet increase of PHP13.05 per liter.

Meanwhile, kerosene prices currently stand at a net increase of PHP10.49 per liter. (GFB)