Big-Time Oil Price Hike Set This Week

Oil prices in the country are once again set to greatly increase this week as oil firms implement a big-time oil price hike effective Tuesday.

This comes as Oil firms Caltex, Cleanfuel, PTT Philippines, Seaoil, and Shell announced in separate advisories that their gasoline prices will increase by PHP3 per liter, while their diesel prices increased by PHP4.10 per liter.

Moreover, Caltex, Seaoil, and Shell will also increase their kerosene prices by PHP3.50 per liter.

After two consecutive weeks of continuous rollbacks, oil prices in the country have been increasing since last week.

Oil prices in the global market remain to be volatile, according to Department of Energy Undersecretary Gerardo Erguiza Jr. during a Laging Handa public briefing.

With the price hike for oil prices that was implemented last week, the year-to-date net increase for gasoline currently stands at PHP14.70 per liter, while the net increase for diesel stands at PHP26.25 per liter, and the net increase for kerosene stands at PHP20.60 per liter. (GFB)