Oil Firms Announce New Price Hike in 3rd Straight Week of Rising Oil Prices

For the third consecutive week, oil firms in the country have announced oil price hikes on major oil products, implemented today.

Oil firms Caltex, Cleanfuel, Seaoil, Shell, and Unioil in separate advisories announced that a number of their oil prices will have an increase. Their diesel price will increase by PHP0.35 per liter, and their gasoline by PHP0.20 per liter.

Furthermore, Caltex, Seaoil, and Shell also announced that their kerosene products will increase by PHP0.35-per-liter

This is the third week that oil prices in the country have surged.

Last week’s oil price hike was due to the Dubai crude increasing its price by USD1.65 per barrel, while gasoline and diesel from Mean of Platts Singapore (MOPS) also increased their prices by USD1.60 and USD1.95 per barrel, according to last week’s Department of Energy’s oil monitor bulletin.

The continuous increase in fuel prices is attributed to higher and recovering oil demand in the United States, Europe, and China, which is seen to continuously boost market sentiment.

While China, Europe, and the US are driving demand for oil, rising COVID-19 cases in Brazil, India, and Japan are also affecting the oil market.

Gasoline prices for this day is higher by PHP7.60 per liter in comparison to this period in 2020 when most of the country was in the strictest form of quarantine–the Enhanced Community Quarantine or ECQ. (GFB)