Oil Prices Increase Anew

Oil prices in the country have once again increased, marking the second consecutive week of increase on oil products.

Oil main players Caltex, Cleanfuel, Petro Gazz, PTT Philippines, Seaoil, and Shell said in separate advisories that prices for their gasoline will increase by PHP0.20 per liter, and diesel by PHP0.50 per liter.

Furthermore, oil firms Caltex, Seal, and Shell will also increase their kerosene prices by PHP0.60 per liter, with all the other oil firms expected to make their adjustment accordingly.

The increase comes as crude from Dubai increased by USD0.90 per barrel.

Meanwhile, Means of Platts prices for gasoline increased by USD1.50 per barrel, and diesel by USD1.50 per barrel, according to the Department of Energy.

Oil prices for this year have been increasing regularly as the world starts too recover from the coronavirus disease 2019 (COVID-19), bringing about the growth of demand for oil globally.

Year-to-date price increase for gasoline rose by PHP9.30 per liter, PHP7.60 per liter for diesel, and PHP6.10 per liter for kerosene. (PNA)

According to the Department of Energy (DOE), during trading days of May 24 to 28, Dubai crude has increased by USD0.90 per barrel, while Means of Platts prices for gasoline and diesel went up by USD1.50 per barrel and USD0.75 per barrel, respectively.

As local oil firms continue to implement price increases, year-to-date adjustments for gasoline show an increase by PHP9.30 per liter, PHP7.60 per liter for diesel, and PHP6.10 per liter for kerosene. (GFB)