Oil Firms Announce New Price Hikes

Oil price hikes for 2022 has not stopped as oil companies announce first set of big-time price hikes for the month of February to take effect Tuesday.

Oil firms Caltex, Cleanfuel, Petro Gazz, PTT Philippines, Seaoil, and Shell announced in separate advisories that their gasoline prices will increase by PHP1.05 per liter while their diesel price will also rise by PHP1.20 per liter.

Moreover, kerosene prices of Caltex, Seaoil, and Shell are also to increase by PHP1.25 per liter.

Other oil companies are expected to make their own similar price adjustments.

The oil price adjustments for this week mark the sixth consecutive week that oil prices have increased in the country as year-to-date price increase for gasoline is currently at a net of PHP5.70 per liter, diesel at PHP7.95 per liter, and kerosene at PHP7.20 per liter.

The Department of Energy said in their oil monitor bulletin that the looming Russian invasion of Ukraine may further send oil prices skyrocketing as Ukraine is a major oil and gas transit hub between the Kremlin and the rest of Europe. (GFB)