Oil Prices Increase Once Again

Oil firms will implement another oil increase this week to take effect Tuesday morning in what has been a continuous spike in oil prices in the country since the start of the year.

Oil companies Caltex, Cleanfuel, Petro Gazz, PTT Philippines, Seaoil, and Shell said in separate advisories that their gasoline prices will increase by PHP0.80 per liter, and their diesel by PHP0.65 per liter on diesel.

Moreover, kerosene prices from oil companies Caltex, Seaoil, and Shell are also set to increase by PHP0.45 per liter.

This marks the eighth-straight week of continuous oil price increases in the country since the start of 2022 where in prices spiked up by more than P1 per liter in four separate occasions.

Moreover, Prices are also expected to continue rising due to the geopolitical tensions between Russia and Ukraine, which have oil pipelines to the rest of Europe. (GFB)