Another Big-Time Oil Price Hike Set for this Week

Motorists were greeted by higher oil prices on their way to work today as oil firms implemented a big-time oil price hike, marking the second week of consecutive increases to oil products in the country.

This comes as oil firms Caltex, Flying V, Petron, Seaoil, and Shell said in separate advisories that they will increase their diesel prices by PHP6.10 per liter, kerosene by PHP6.10 per liter, and gasoline by PHP1.40 per liter.

Cleanfuel implemented the same price adjustments except for kerosene, which they do not offer.

Other oil firms are expected to make similar adjustments to their oil products.

According to the Department of Energy (DOE), the increase is due in part to higher demand for petroleum products as the winter season approaches other countries.

Another factor DOE cited is the ongoing Russian invasion of Ukraine.

The oil price adjustments for this week is the second consecutive week of big-time oil price increases. Just last week, gasoline prices were increased by more than PHP0.50, while diesel prices were hiked by over PHP2.50 per liter.

With the latest oil price hike, the year-to-date price increase for gasoline currently stands at a net increase of PHP18.15 per liter, diesel stands at a net increase of PHP31.70 per liter, and P27.10/liter for kerosene. (GFB)