NextGen Day

MANILA, Philippines — Fuel prices are likely to rise this week, beginning Tuesday morning, after a two-week setback.

Caltex, Cleanfuel, Jetti, Petro Gazz, PTT Philippines, Seaoil, and Shell stated they will boost diesel rates by PHP1.70 per liter and gasoline prices by PHP0.45 per liter in separate warnings.

Caltex, Seaoil, and Shell will all raise the price of kerosene by PHP0.40 per liter.

Global prices were impacted this week by supply delays in Libya and the possibility of further Russian oil cuts with the escalating crisis in Ukraine, according to S&P Global.

“Libya’s National Oil Corp. announced force majeure on deliveries of Mellitah crude oil exports on April 17 following the closure of the 70,000 barrel per day El Feel, or Elephant, oil field,” S&P Global reported.

Sanctions on Russian oil continue to have an impact on global fuel prices.

The net increase in gasoline prices since the beginning of the year has been PHP14.25 per liter, PHP24.55 per liter for diesel, and PHP20.20 per liter for kerosene.

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