Oil Firms Announce 5th Straight Increase in Oil Prices

Oil prices in the country rise for the fifth-straight week as major oil firms announce another set of oil price adjustments that went on effect Tuesday morning.

Oil firms Caltex, Cleanfuel, Petro Gazz, Petron, Phoenix Petroleum, PTT Philippines, Seaoil, and Shell announced in separate advisories that their gasoline prices will increase by PHP0.55 per liter, while their diesel prices are set to rise by PHP0.90 per liter.

Moreover, oil firms Caltex, Petron, Seaoil, and Shell also added that their kerosene prices will increase by PHP0.95 per liter.

According to the Department of Energy (DOE) oil monitor bulletin, the increase of oil prices in the country is due to the continuous increase in crude prices.

Dubai crude price increased by over USD2 per barrel during the September 13 to September 17 trading week, according to the oil monitor bulletin of DOE.

Year-to-date price increases for oil prices such as gasoline stands at PHP14.55 per liter, PHP12.05 per liter for diesel, while kerosene price increases currently sit at PHP9.70 per liter. (GFB)