Oil Prices in the Country Continuously Increase for 1 Month

Oil prices in the country are once again set to increase as oil companies announced a new round of price hikes, albeit the lowest in weeks.

This comes as oil firms Caltex, Cleanfuel, PTT Philippines, Seaoil, and Shell said in separate advisories that they will increase their gasoline prices by PHP0.50 per liter, while their diesel prices are also set to increase by PHP1.65 per liter.

Moreover, oil firms Seaoil and Flying V also increased their kerosene prices by PHP0.10 per liter.

Other oil firms in the country are expected to make similar adjustments.

With the latest price adjustments, oil prices in the country are now on the rise for four straight weeks.

Year-to-date price adjustment for gasoline currently stands at a net increase of PHP28.75 per liter, adjustments on diesel prices stand at a net increase of PHP43.15 per liter and kerosene at a net increase of PHP38.70 per liter.

As oil prices continue to skyrocket, the government has already handed out fuel subsidies to over 200,000 public utility vehicle drivers and operator beneficiaries.

The weakening Philippine peso coupled with the Russian invasion of Ukraine, lockdowns in China, and lower demand for oil in the United States contribute to the increase of oil prices globally. (GFB)