NextGen Day

Oil companies stated on Monday that the cost of their fuel products would rise as of June 27 at 12:01 a.m.

Caltex, Cleanfuel, Petro Gazz, PTT, Seaoil, and Shell each issued a separate advisory announcing price increases for gasoline and diesel of PHP0.20 and PHP1.05, respectively.

The cost of kerosene will rise by PHP1.20 per liter from Caltex, Seaoil, and Shell.

Industry experts claim that rising supply fears related to the Russian uprising have increased the price of oil globally.

Russia is the supplier of oil for China and India. The two most populous countries in the world would need to obtain their oil from other suppliers if Russia’s oil supply were to be disrupted. This can result in higher gasoline prices.

Local oil companies reduced fuel prices last week by a small amount overall.

The revisions resulted in a nett rise in gasoline prices of PHP9.85 per liter since the beginning of the year and a nett increase in diesel prices of PHP0.25 per liter.

On the other side, since 2023 got underway, kerosene prices have decreased by PHP2.65 per liter.

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