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Oil companies have raised prices for the seventh week in a row.

MANILA, Philippines β€” Due to supply difficulties in the worldwide market, oil companies will execute another significant price increase on Tuesday for the seventh week in a row.

Caltex, Cleanfuel, Petro Gazz, PTT Philippines, Seaoil, and Shell each issued separate advisories stating that diesel prices will rise by PHP1.05 per liter and gasoline prices will rise by PHP1.20 per liter.

Kerosene prices will also be raised by PHP0.65 per liter by Caltex, Seaoil, and Shell.

Local gasoline prices have already risen by PHP6.75 per liter, PHP9.15 per liter for diesel, and PHP8.45 per liter for kerosene since the price modifications last week.

Oil prices are approaching USD100 per barrel, according to S&P Global Platts, due to supply limits caused by geopolitical tensions between Russia and Ukraine, while demand in Asia remains stable as economies recover from the epidemic.

The transit hub for commodities between Russia and the European Union, the Russia-Ukraine border, is a crucial route for oil and gas trade.

The movement of supplies in a global market that is already facing restricted supply is expected to be hampered by geopolitical tension at the border.

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