Gasoline Price Shoots Up This Week; Diesel, Kerosene Prices Down

As forecasts predicted, oil companies will make adjustments to oil prices in the country effective Tuesday as gasoline prices skyrocket while diesel and kerosene prices go down.

Oil firms Caltex, Cleanfuel, Petro Gazz, PTT Philippines, Seaoil, Shell, and Unioil, announced in separate advisories that their gasoline prices will increase by PHP3.95 per liter while diesel prices in the country will be reduced by PHP2.30 per liter.

Moreover, oil firms Caltex, Seaoil, and Shell also announced a rollback in the price of kerosene by PHP2.45 per liter.

Kerosene and diesel prices have gone down for the second straight week. However, after being reduced last week, gasoline prices once again increased.

The volatility of the global oil market is still attributed in part to the Russian invasion of Ukraine.

The year-to-date net increase in the price of gasoline currently stands at PHP20.85 per liter, while the net increase of diesel currently stands at PHP30.30 per liter, and kerosene at a PHP26.7 per liter net increase. (GFB)