NextGen Day

MANILA, Philippines — Consumers should prepare for a significant increase in the price of petroleum products, which will go into effect on Tuesday.

Caltex, Cleanfuel, Jetti, Petro Gazz, Seaoil, and Shell have issued separate advisories stating that gasoline prices will rise by PHP3.60 per liter and diesel prices will rise by PHP5.85 per liter.

Caltex, Seaoil, and Shell will all raise the price of kerosene by PHP4.10 per liter.

For the previous ten weeks, local oil costs have been rising.

Discussions to ban Russian crude oil in the United States and Europe, as well as delays in talks to resurrect the nuclear deal with Iran, are the newest factors for this week’s surging oil prices on the global market.

According to OilPrice.com, US oil standard West Texas Intermediate was trading at USD125.8 per barrel as of this writing, while European oil benchmark Brent crude was trading at USD129.5 per barrel.

According to Investing.com, Dubai crude, the country’s benchmark for oil prices, closed at USD114.95 a barrel on March 4.

Local oil prices are predicted to rise to PHP68.70 per liter for diesel and PHP78.33 per liter for gasoline after Dubai crude breaches the USD120-per-barrel mark, according to the Department of Energy.

With the huge price hike on Tuesday morning, the year-to-date price adjustment for gasoline is PHP13.25 per liter, PHP17.50 per liter for diesel, and PHP14.40 per liter for kerosene, for a total of PHP13.25 per liter.

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