Business Technology, Finance Technology & Information Technology
Another significant increase in oil prices is expected this week.
Petroleum product prices will rise for the fourth week in a row starting Tuesday.
Caltex, Cleanfuel, Petro Gazz, Petron, Seaoil, and Shell have issued separate advisories stating that gasoline prices will rise by PHP1.45 per liter, while diesel prices will climb by PHP1.90 per liter.
Caltex, Petron, Seaoil, and Shell would raise kerosene prices by PHP1.70 per liter as well.
Other oil companies are likely to follow suit.
Fears of restricted supply as a result of escalating tensions in Eastern Europe and the Middle East have pushed up the price of the commodity on the global market.
This comes on top of already scarce supplies, as oil-producing nations struggle to pump more petroleum.
Following last week’s price increases, gasoline has increased by PHP3.50 per liter, diesel by PHP5.30 per liter, and kerosene by PHP5.05 per liter.
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