Big-Time Oil Price Hike Set This Week

Oil prices in the country on Tuesday, one day after the national elections, are once again set to increase in a big-time price hike after the minimal price rollback seen last week.

This comes after oil firms Caltex, Cleanfuel, Flying V, Petro Gazz, Petron, Phoenix Petroleum, Seaoil, Shell, and Unioil said in separate advisories on Monday that they will increase both their diesel and gasoline prices by PHP4.20 per liter.

Moreover, a PHP5.85 per liter increase on kerosene will also be implemented by Caltex, Flying V, Petron, Seaoil, and Shell.

The international oil price market increased for two-straight weeks following the mulled sanctions on Russian oil by the European Union as the Russian invasion of Ukraine continues to disrupt the supply of oil globally.

The year-to-date net increase in fuel prices, despite the rollback from last week, currently stands at PHP29.20 per liter for diesel, PHP17.05 per liter for gasoline, and PHP22.95 per liter for kerosene. (GFB)