MANILA – Oil prices will increase for the seventh consecutive week on Tuesday.
In separate advisories, Caltex, Cleanfuel, Petro Gazz, Seaoil, and Shell said there will be big-time price hikes for gasoline products by PHP1.30 per liter and diesel by PHP1.50 per liter.
Caltex, Seaoil, and Shell will also implement an increment of PHP1.45 per liter for kerosene.
This is the second week that oil companies hiked fuel prices by more than PHP1 per liter.
In the world market, prices of the commodity have shown no sign of easing, with United States crude oil posting its highest price since 2014.
Industry experts said the increasing number of the population getting vaccinated around the world is fueling economic recovery.
On the other hand, oil producers maintain a gradual increase in output despite the surging demand.
Department of Energy (DOE) Secretary Alfonso Cusi earlier reminded local oil players to comply with the minimum inventory requirement of oil products to mitigate possible surges in pump prices.
When fuel prices increased last week, year-to-date adjustment for gasoline increased by PHP16.55 per liter, PHP15 per liter on diesel, and PHP13 on kerosene products. (PNA)