Oil Prices Increase for the 4th Straight Week

Oil price increases in effect today, Tuesday, will be the fourth-straight week that oil prices have shoot up in the country.

Oil firms Caltex, Petro Gazz, Seaoil, Shell, and Total announced in separate advisories that their diesel and gasoline prices will increase by PHP0.80 per liter each.

Meanwhile, oil firm Cleanfuel also announced in their advisory a more modest increase of PHP0.65 per liter on their gasoline prices, and PHP0.70 per liter for their diesel.

Moreover, kerosene price of oil firms Caltex, Seaoil, and Shell is also set to increase by PHP0.85 per liter.

The price adjustment comes as global demand for oil continues to increase amid the recovery of different countries from COVID-19.

Year-to-date prices for gasoline show a rise of PHP13.75 per liter, diesel by PHP11.25 per liter, and kerosene by PHP8.85 per liter. (GFB)