NextGen Day

MANILA – Beginning at 12:01 a.m. Tuesday, oil companies will alter petroleum prices.

Caltex, Cleanfuel, Petro Gazz, PTT Philippines, Seaoil, Shell, and Unioil have issued different advisories stating that gasoline prices will increase by PHP3.95 per liter while diesel prices will decrease by PHP2.30 per liter.

Caltex, Seaoil, and Shell would likewise reduce their kerosene costs by PHP2.45 per liter.

This is the second week in a row that oil companies have reduced fuel and kerosene prices dramatically.

Meanwhile, this week’s increase in gasoline prices is bigger than last week’s price reduction of PHP0.40 per liter.

Since the beginning of the year, gasoline prices have increased by PHP20.85 per liter, diesel prices have increased by PHP30.30, and kerosene prices have increased by PHP26.7.

The oil market became tumultuous, according to OilPrice.com, as bullish and bearish outlooks collided.

Fuel inventories continue to influence prices, but the market is concerned about an impending recession as the global economy continues to deteriorate.

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