NextGen Day

On Tuesday, oil companies will apply a significant price increase on their products.

Caltex, Cleanfuel, Petro Gazz, PTT Philippines, Seaoil, and Shell would raise gasoline prices by PHP1.05 per liter and diesel rates by PHP1.20 per liter, according to separate advisories.

Caltex, Seaoil, and Shell would also increase the price of kerosene by PHP1.25 per liter.

Other oil companies are anticipated to follow suit with price hikes.

This will be the sixth week in a row that oil firms have raised prices.

Domestic oil prices have increased by PHP5.70 per liter for gasoline, PHP7.95 per liter for diesel, and PHP7.20 per liter for kerosene year to date.

The Department of Energy’s (DOE) oil monitor bulletin stated that geopolitical tensions on the Russia-Ukraine border remain a hurdle in an environment where fuel supply is already limited and demand is strong.

The DOE advisory stated, “Ukraine is a vital oil and gas transit corridor between Russia and Europe, and any further escalation has the potential to send crude and gas prices much higher.”

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