NextGen Day

MANILA, Philippines — Fuel prices will rise for the eighth week in a row, with an increase of less than PHP1 per liter beginning Tuesday morning.

Caltex, Cleanfuel, Petro Gazz, PTT Philippines, Seaoil, and Shell, among others, stated they will raise gasoline prices by PHP0.80 per liter and diesel rates by PHP0.65 per liter in separate statements.

Caltex, Seaoil, and Shell will also increase the price of kerosene by PHP0.45 per liter.

Gasoline and kerosene both increased by more than PHP1 per liter four times in the last eight weeks, while diesel jumped by more than PHP1 for six weeks.

According to the Department of Energy (DOE), year-to-date adjustments in oil prices have resulted in a net rise of PHP7.95 per liter for gasoline, PHP10.20 per liter for diesel, and PHP9.10 per liter for kerosene.

Petroleum prices are anticipated to rise further in 2022, according to DOE Secretary Alfonso Cusi, who stated in late 2021 that the global oil supply is already 3 million barrels per day short.

Despite the threats posed by the new Covid-19 strain, the Omicron variation has had an impact on the world oil supply.

Global oil prices have risen this month as a result of geopolitical tensions, particularly along the Russia-Ukraine border, a vital route for oil transit between Russia and Europe.

Last week’s trading in Dubai crude closed at USD90.90 per barrel.

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