Big-Time Oil Price Hike Hits Motorists this Week

After five consecutive weeks of rollbacks that gave motorists a huge sigh of relief, oil prices are once again on the rise–this time through a big-time oil price hike that went into effect Tuesday.

This comes as oil firms Caltex, Cleanfuel, Seaoil, and Shell said in separate advisories that they will increase their diesel prices by PHP2.60 per liter, while also increasing their gasoline prices by PHP0.70 per liter on gasoline.

Moreover, Caltex, Seaoil, and Shell also announced an increase of PHP2.80 per liter for their kerosene.

The latest change to oil prices in the country is attributed to the decline of the United States crude inventory, and the sanctions against Russia for their invasion of Ukraine, which continues to be a major factor in the demand and supply of oil in the world market.

Moreover, Dubai crude increased its price by 0.22 percent last week. This brings last week’s prices to USD95.39 per barrel.

With the latest update in oil prices, year-to-date oil price adjustments according to data from the Department of Energy say that gasoline prices stand at a net increase of PHP27.40 per liter, diesel at a net increase of PHP36.30 per liter, and kerosene at a net increase of PHP30.35 per liter. (GFB)