NextGen Day

Less than a week before Christmas Day, oil firms will start charging significantly more for gasoline, diesel, and kerosene beginning at 12:01 a.m. Tuesday.

Caltex, Cleanfuel, Jetti, Petro Gazz, Phoenix Petroleum, PTT Philippines, Seaoil, and Shell each issued a separate advisory announcing price increases of PHP0.70 for gasoline and PHP2.90 for diesel.

The cost of kerosene will increase by PHP1.65 per liter at Caltex, Seaoil, and Shell as well.

The same is anticipated from other oil companies.

The increases in price Tuesday will end the four-week streak of price reductions carried out by oil firms.

Companies have reduced the price of gasoline, diesel, and kerosene by PHP4.90 per liter, PHP11.40 per liter, and PHP10.80 per liter over the course of four weeks.

According to Shell, this week’s price increases are a result of rising freight costs. The International Energy Agency’s prediction that Chinese demand will return the next year helped to boost crude oil prices globally, she noted.

Brent crude was trading at USD78.82 a barrel as of the time of posting while West Texas Intermediate was at USD73.95 per barrel.

At the end of last week’s trading, a barrel of Dubai crude cost USD75.89.

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