Oil Firms Implement Big-time Price Hike This Week

After motorists saw a sharp drop in oil prices last week, oil prices in the country are once again on the rise as oil firms announce new set of price hikes for this week.

This comes as oil firms Caltex, Cleanfuel, Petro Gazz, PTT Philippines, Seaoil, Shell, and Unioil announced in separate advisories that their gasoline prices will increase by PHP3.40 per liter while their diesel prices are also set to increase by PHP8.65 per liter.

Moreover, oil firms Caltex, Seaoil, and Shell will also implement a PHP9.40 per liter price increase for their kerosene.

Oil supply globally remains disrupted as conflict between Russia and Ukraine rages on, making the global oil trade market more volatile to sudden fluctuations.

With the latest adjustments on oil prices for this week, year-to-date net increase for gaoline products currently stand at PHP14.90 per liter, while net increase for diesel stands at PHP19.20 per liter, and kerosene at PHP16.35 per liter. (GFB)