Another big-time oil price hike set this week

Another big-time oil price hike set this week

MANILA – Prices of petroleum products will increase for the fourth consecutive week effective Tuesday.

In separate advisories, Caltex, Cleanfuel, Petro Gazz, Petron, Seaoil, and Shell said they will raise gasoline prices by PHP1.45 per liter while diesel prices will rise by PHP1.90 per liter.

Caltex, Petron, Seaoil, and Shell will also increase prices of kerosene by PHP1.70 per liter.

Other oil firms are expected to follow suit.

Prices of the commodity in the world market have gone up over fears of tighter supply due to rising tensions in Eastern Europe and the Middle East.

This is on the back of already tight supply as oil producing countries are struggling to pump more fuel.

After the price hike last week, gasoline prices have increased by PHP3.50 per liter; diesel, up by PHP5.30 per liter; and kerosene, up by PHP5.05 per liter. (PNA)

Leave a Reply