Highest Spike in Oil Prices This Year Effective Today

Oil companies in the country implemented the largest spike in oil prices seen this year effective today as fuel products continue to skyrocket for the 11th straight week.

Oil firms Caltex, Cleanfuel, Flying V, PTT Philippines, Petron, Seaoil, and Shell in separate advisories announced an increase of PHP7.10 per liter on gasoline and a PHP13.15 per liter for diesel.

moreover, kerosene prices for the said oil firms also increased by PHP10.50 per liter.

The continuous oil price in the country is still due to the disrupted supply of oil in the world market amid the Russian-Ukrainian conflict in Europe.

Industry groups in the country are now calling for the Department of Energy to invest and stockpile on oil reserves to lessen the Philippine dependency of oil on other countries. (GFB)