Business Technology, Finance Technology & Information Technology
This Holy Week, oil companies raise prices.
Starting at 1:00 a.m. on Tuesday, fuel prices will rise during Holy Week.
Caltex, Cleanfuel, Jetti, Petro Gazz, Seaoil, Shell, and Unioil all announced price increases for gasoline and diesel of PHP1.40 per liter and PHP0.50 per liter, respectively, in separate advisories.
Kerosene prices will also increase by PHP0.20 per liter at Caltex, Seaoil, and Shell.
After three weeks of price declines, companies announced a new oil price increase.
The decision of Saudi Arabia and other members of the Organization of Petroleum Exporting Countries and its Allies (OPEC+) to cut output is a significant development in the global market that contributed to price hikes in petroleum goods.
Gasoline prices have increased by PHP6.75 since the year began, but diesel and kerosene prices have decreased by PHP1.15 and PHP3.25 per liter, respectively.
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