Oil Firms Implement Another Big-Time Price Hike

Different oil firms implement yet another big-time oil price hike set to take effect today, Tuesday, marking the seventh straight week that oil prices have gone up in the country.

Oil companies Caltex, Cleanfuel, Petro Gazz, PTT Philippines, Seaoil, and Shell said in separate advisories that their gasoline prices will increase by PHP1.20 per liter, and diesel prices by PHP1.05 per liter.

Moreover, oil firms Caltex, Seaoil, and Shell also announced an increase in their kerosene prices by PHP0.65 per liter.

Much of the reason for the continuous oil price hikes for this year is due to tensions between Russia and Ukraine. The looming conflict constantly affects supply in Europe as both countries are key transit hubs for oil trade in the continent.

United States intelligence reports say that Russia might invade Ukraine “any day now,” as Moscow demands for the North Atlantic Treaty Organization (NATO) not to grant Ukraine, a former Soviet Union country, membership. (GFB)