Business Technology, Finance Technology & Information Technology
In the first week of 2022, customers will be greeted by a significant increase in oil prices.
Beginning Tuesday in the first week of 2022, customers will expect higher fuel costs.
Caltex, Cleanfuel, Petro Gazz, PTT Philippines, Seaoil, Shell, and Unioil have all issued separate advisories stating that diesel prices will rise by PHP2.40 per liter and gasoline prices will rise by PHP1.85 per liter.
Caltex, Seaoil, and Shell will all raise the price of kerosene by PHP1.85 per liter.
Local oil prices concluded 2021 with a net gain of PHP17.10 per liter for gasoline compared to the previous year’s close, PHP13.75 per liter for diesel, and PHP10.84 per liter for kerosene.
Oil prices surged in the first week of trade in 2022, ahead of the Organization of Petroleum Exporting Countries and its Allies (OPEC+) meeting later this week.
Despite global Covid-19 rises due to the Omicron variation, oil prices remain stable after Libya announced a week-long supply cut of 200,000 barrels per day.
OPEC+, on the other hand, is anticipated to maintain its scheduled daily output of 400,000 barrels.
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This article is for informational purposes only and does not constitute endorsement of any specific technologies or methodologies and financial advice or endorsement of any specific products or services.
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