NextGen Day

On Tuesday, oil companies will alter fuel prices.

Caltex, Cleanfuel, Jetti, Petro Gazz, PTT, Seaoil, and Shell each issued a separate advisory announcing price increases of PHP0.90 per liter for gasoline and PHP1.05 per liter for diesel.

Caltex, Seaoil, and Shell, on the other hand, will reduce kerosene costs by PHP0.25 per liter.

Although the Organization of Petroleum Exporting Countries and its allies (OPEC+) aim to further cut output this year, the outlook for oil demand from China and worries about supply continue to drive oil prices in the global market.

Since the beginning of the year, gasoline prices have increased by PHP7.20 per liter thanks to price changes in petroleum products last week. Prices for diesel and kerosene have also increased by PHP0.85 and PHP2.05 per liter, respectively.

According to data from the Department of Energy, as of February 17, the cost of gasoline ranges from PHP56 to PHP78.20 per liter, that of diesel from PHP54.40 to PHP74.84 per liter, and that of kerosene from PHP71.50 to PHP77.95 per liter.

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