Oil Prices Increase by Over PHP3 this Week

Oil firms around the country announces the biggest price hike to petroleum products this year as diesel, gasoline, and kerosene are all set to increase by over PHP3 effective Tuesday.

This comes as oil companies Caltex, Cleanfuel, Jetti, Petro Gazz, Seaoil, and Shell said in separate advisories that they will increase their diesel prices by PHP5.85 per liter, while their gasoline prices will also go up by PHP3.60 per liter.

Moreover, oil firms Caltex, Seaoil, and Shell also announced a PHP4.10 per liter increase for kerosene.

The increase in oil prices this week marks the tenth-straight week of continuous skyrocketing of petroleum products.

The latest global oil price movement comes as disruption in the crude oil supply chain globally as the United States and Europe move to ban Russian crude oil amid Moscow’s ongoing invasion of Ukraine.

Meanwhile, talks regarding the revival of the Iran nuclear deal are also experiencing delays.

With the new price adjustments to oil prices nationwide, year-to-date net increase for diesel stands at PHP17.50 per liter, gasoline at PHP13.25 per liter, and kerosene at PHP14.40 per liter. (GFB)