Petroleum prices are rallying for three weeks in a row.
In separate advisories, Caltex, Cleanfuel, Petro Gazz, Seaoil, Shell, and Unioil said they will increase gasoline prices by PHP0.90 per liter and PHP1.80 per liter on diesel effective on Tuesday.
Caltex, Seaoil, and Shell will implement a big-time price hike on kerosene at PHP2.30 per liter.
Other oil players are expected to follow suit.
According to the Department of Energy (DOE), the increments on oil prices for the past weeks increased petroleum prices by PHP2.60 per liter, PHP3.50 per liter for diesel, and PHP2.75 per liter for kerosene on a year-to-date basis.
Industry experts said strong buying activities in the international oil market after observing that the impact of the Omicron variant will not be disruptive as expected.
With this, global oil supply is expected to remain tight.
Global benchmarks Brent and West Texas Intermediate both gained during Monday’s trading.
Source: Philippines News Agency
