Business Technology, Finance Technology & Information Technology
Another significant increase in oil prices is expected this week.
MANILA, Philippines — Following a pause of 11 weeks of price hikes last week, oil firms will raise fuel prices again on Tuesday morning.
Caltex, Cleanfuel, Petro Gazz, PTT Philippines, Seaoil, Shell, and Unioil have all issued separate advisories stating that gasoline prices will rise by PHP3.40 per liter and diesel prices will rise by PHP8.65 per liter.
Kerosene prices would also rise by PHP9.40 per liter at Caltex, Seaoil, and Shell.
Market premiums and freight, according to Shell, are the key reasons for another significant price increase this week.
As long as supply concerns exist, global oil prices will remain high.
Following last week’s oil price cuts, the year-to-date net increase in gasoline prices is PHP14.90 per liter, PHP19.20 per liter for diesel, and PHP16.35 per liter for kerosene.
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