Big-Time Oil Price Hike Implemented this Week

Forecasts of an impending oil price hike turned out to be true as oil companies implement a big-time oil price hike.

Oil firms Caltex, Cleanfuel, PTT Philippines, Seaoil, and Shell said in separate advisories that their gasoline prices will increase by P2.70 per liter and their diesel prices will increase by P6.55 per liter.

Moreover, Caltex, Seaoil, and Shell also implemented an increase in their kerosene prices by PHP5.45 per liter.

The new prices take effect today.

This big-time oil price hike comes after oil firms in the country implemented a rollback on gasoline prices, and increased diesel and kerosene prices.

Other oil firms are expected to follow suit.

Meanwhile, industry analysts said that prices may remain high as Saudi Arabia announced on Sunday that they will also hike their crude oil price in July.

As of May 31 as per the latest data from the Department of Energy, year-to-date oil price adjustments for gasoline stand at a net increase of PHP23.85 per liter, PHP27.65 per liter for kerosene, and PHP30.30 per liter for diesel. (GFB)