Big increase in gasoline prices, a little reduction in diesel and kerosene prices
Beginning on Tuesday, oil companies will implement pricing increases for fuel products.
The prices of gasoline will rise by PHP1.40 per liter at Caltex, Cleanfuel, Jetti, Petro Gazz, Phoenix, Seaoil, Shell, and Unioil, according to separate advisories, while diesel prices will fall by PHP0.50 per liter.
Kerosene prices will also be reduced by PHP0.35 per liter by Caltex, Seaoil, and Shell.
The same is anticipated from other oil companies.
Since the beginning of the year, the net rise in the price of gasoline was PHP25.80 per liter, the price of diesel was PHP43.80 per liter, and the price of kerosene was PHP35 per liter.
Following the Chinese government’s reiteration of its strict coronavirus sickness 2019 policy, oil prices fell on the global market on Monday, dimming the industry’s hopes for a recovery in demand.
West Texas Intermediate and Brent crude both fell more than USD1 per barrel to USD91.12 and USD97.29, respectively, according to OilPrice.com.
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