Business Technology, Finance Technology & Information Technology
Big-Time Oil Price Hike on July 18 📅
Petroleum companies have announced significant price increases effective 12:01 a.m. on Tuesday, July 18, 2023.
In separate advisories, Caltex, Cleanfuel, Flying V, Petro Gazz, Petron, Phoenix, PTT, Seaoil, Shell, and Unioil stated that gasoline prices would rise by PHP1.90 per liter. In contrast, diesel prices will increase by PHP2.10 per liter.
Additionally, Caltex, Petron, Seaoil, and Shell will raise kerosene prices by PHP1.80 per liter.
Experts attribute the price hikes to easing inflation in the United States, which has supported global commodity prices and is expected to boost consumption.
Last week, oil prices reached their highest levels in three months, with Brent crude reaching USD81 per barrel and West Texas Intermediate (WTI) touching USD76 per barrel.
After the price adjustments last week, gasoline prices have recorded a net increase of PHP9.15 per liter since the beginning of 2023.
In contrast, diesel and kerosene prices have registered net reductions of PHP1.35 per liter and PHP2.80 per liter, respectively, since the start of the year.
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