Oil Prices in PH continue to Rise as World Scrambles to Find Alternative Sources

Oil prices in the country continue to rise effective Tuesday as the rest of the world scrambles to find alternative sources of oil amid the Russian invasion of Ukraine.

Oil firms Caltex, Cleanfuel, Jetti, Petro Gazz, Seaoil, and Shell said in separate advisories that their diesel prices will increase by PHP0.80 per liter, while their gasoline prices are to increase by PHP0.90 per liter.

Moreover, oil firms Caltex, Seaoil, and Shell will also increase their kerosene prices by PHP0.75 per liter.

The conflict between Russia and Ukraine continue to send global oil prices upward, while negatively affecting the oil supply.

Iran, however, said that they are able to supply enough oil to stabilize the global market.

With the price adjustments made this week, year-to-date price increase for gasoline currently stands at PHP8.75 per liter, diesel at PHP10.85 per liter, and kerosene at PHP0.75 per liter. (GFB)