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Oil prices have risen for the third time this month.

For the third week in a row, oil prices have risen.

Caltex, Cleanfuel, Petro Gazz, Seaoil, Shell, and Unioil each issued separate advisories stating that gasoline prices will rise by PHP0.90 per liter on Tuesday, and diesel prices will rise by PHP1.80 per liter.

Caltex, Seaoil, and Shell will raise the price of kerosene to PHP2.30 per liter, a significant increase.

Other oil companies are likely to follow suit.

According to the Department of Energy (DOE), recent increases in oil prices have pushed up gasoline prices by PHP2.60 per liter, diesel prices by PHP3.50 per liter, and kerosene prices by PHP2.75 per liter year-to-date.

After noting that the impact of the Omicron variation will not be as disruptive as projected, industry experts predicted substantial buying activity in the international oil market.

Global oil supply is projected to be constrained as a result of this.

Benchmarks from around the world During Monday’s trade, both Brent and West Texas Intermediate increased.

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