New Round of Oil Price Increase Set This Week

This week will usher in another round of oil price hikes effective Tuesday morning, June 21, as oil companies announce new price adjustments.

Oil firms Caltex, Cleanfuel, Jetti, Petro Gazz, PTT Philippines, Seaoil, and Shell said in separate advisories that they will increase their gasoline prices by PHP0.80 per liter. Diesel prices will also increase by a staggering PHP3.10 per liter, further burdening drivers of public transportation vehicles.

Moreover, oil firms Caltex, Seaoil, and Shell said that they will also increase their kerosene prices by PHP1.70 per liter.

The Russian invasion of Ukraine coupled with the weakening Philippine peso against the US dollar continue to be the factors in the constantly increasing oil prices in the country.

Energy Undersecretary Gerardo Erguiza Jr. confirmed during a Laging Handa public briefing that the weakening peso is a contributor to higher oil prices.

“…You will multiply it per barrel so there will be an increase in net effect. That’s one reason why it really went up slightly again–because your dollar went up,” Erguiza said.

The Philippine peso has become a contributor to the rising oil prices in the past weeks, as the peso continuously plummets against the US dollar.

Last week, the peso closed at PHP53.75 against the US dollar.

With the adjustments to oil prices, the year-to-date net increase for diesel stands at PHP40.05 per liter, PHP27.95 per liter for gasoline, and PHP37 per liter for kerosene. (GFB)