Another big-time oil price hike set this week

Another big-time increase on pump prices will be implemented starting Tuesday.

In separate advisories, Chevron, Cleanfuel, Petro Gazz, PTT Philippines, Seaoil, and Shell said they will raise prices of gasoline by PHP1.20 per liter and of diesel by PHP0.95 per liter.

Chevron, Seaoil, and Shell will also hike kerosene prices by PHP1 per liter.

Other oil companies are expected to follow suit.

This will be the fourth straight week for price increment on gasoline products and third consecutive week for diesel and kerosene price hike.

Data from the Department of Energy (DOE) show that current oil prices are higher than the pre-pandemic level.

Year-to-date adjustment on gasoline prices stood at a net increase of PHP4 per liter, PHP3.90 per liter for diesel, and PHP3.35 per liter for kerosene.

Gasoline and diesel prices at Means of Platts Singapore (MOPS) also rose between Feb. 8 and 12 trading days by USD2.30 and USD3.70 per barrel, respectively.

Dubai crude likewise increased week-on-week by nearly USD3 per barrel.

Source: Philippines News Agency

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