Another Big-Time Oil Price Hike Set for this Week

Another big-time oil price hike that will burden motorists further has been implemented for this week which is set to take effect today.

Oil firms Caltex, Cleanfuel, PTT Philippines, Seaoil, and Shell increased their diesel prices by a whopping PHP4.30 per liter, while their gasoline prices went up by PHP2.15 per liter.

Moreover, oil firms Caltex, Seaoil, and Shell also increased their kerosene prices by PHP4.85 per liter, with other oil companies expected to follow suit on all oil price adjustments.

This marks the second straight week wherein big-time oil price hikes were implemented.

The oil price adjustments are attributed in part due to the weakening of the Philippine peso against the US dollar as the peso reached the PHP53 mark against USD1, which is the weakest the peso has seen in over three years. This effectively increases the importation costs of fuel products to the country.

Moreover, the continuing invasion of Ukraine by Russia is also dealing a blow to the supply of oil globally. The invasion is also raising concerns about a looming global food crisis.

According to data by the Department of Energy as of June 7, year-to-date price adjustments for gasoline stand at a net increase of PHP26.55 per liter, PHP33.10 per liter for kerosene, and a staggering PHP36.85 per liter for diesel. (GFB)