Oil Prices Rise for the 4th Time in Jan

Oil prices in the country continue to skyrocket as oil firms announce big-time price hike to take effect today.

Oil companies Caltex, Cleanfuel, Petro Gazz, Petron, Seaoil, and Shell announced in separate advisories that their gasoline prices will increase by PHP1.45 per liter, while their diesel prices are to increase by PHP1.90 per liter.

Moreover, oil firms Caltex, Petron, Seaoil, and Shell also announced an increase of PHP1.70 per liter to their kerosene products, with other oil firms expected to make their own similar price adjustments.

This will be the fourth time oil prices will increase in the country in January alone.

The latest hike comes as oil prices in the world market continue to increase following rising tensions in Eastern European countries Ukraine, Belarus, and Russia, along with rising tensions in the Middle East.

Ukraine and Belarus are in a middle of a refugee crisis, while international reports suggest an invasion of Ukraine by Russia is highly likely as the Kremlin amasses troops on the Ukraine-Russia border.

Year-to-date price for gasoline currently stands at a net increase of PHP3.50 per liter, diesel at a net increase of PHP5.30 per liter, and kerosene at a net increase of PHP5.05 per liter. (GFB)