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Diesel and gasoline prices increased this week.

Starting on January 17, oil companies will implement price changes for fuel goods.

Caltex, Cleanfuel, Jetti, Petro Gazz, Seaoil, and Shell all said separately that they would be raising the price of gasoline by PHP0.95 per liter and the price of diesel by PHP0.50 per liter.

However, Caltex, Seaoil, and Shell will reduce the cost of kerosene by PHP0.15 per liter.

It’s anticipated that other oil firms would do the same.

Oil companies announced price rollbacks in recent weeks.

Following softer U.S. inflation figures and expectations for a recovery in Chinese demand as a result of loosening its coronavirus disease 2019 (Covid-19) restrictions, global oil prices rose last week.

As of the time of publication, Brent sold for USD84.53 per barrel and West Texas Intermediate (WTI) oil was trading at USD79.24 per barrel.

However, Dubai crude concluded the previous week at a higher price of USD80.02 a barrel.

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