NextGen Day

Diesel and kerosene prices are expected to increase significantly on Tuesday, following five weeks in a row of price decreases.

Caltex, Cleanfuel, Seaoil, and Shell each issued a separate advisory announcing a PHP2.60 per liter hike in diesel pricing and a PHP0.70 per liter increase in gasoline prices.

Kerosene prices at Caltex, Seaoil, and Shell would similarly increase by PHP2.80 per liter.

It is anticipated that more local oil sector players will do the same.

With the price changes from the previous week, the cost of gasoline has climbed by PHP27.40 per liter, PHP36.30 for diesel, and PHP30.35 for kerosene since the year’s beginning.

According to industry experts, the decline in the United States’ crude inventories and the sanctions against Russia continuing to have an impact on demand and supply dynamics and pricing are what are causing the increase in gasoline prices this week.

OilPrice.com reports that merchants and other industries have been impacted by fluctuating oil prices.

According to Irina Slave of OilPrice.com, “Businesses will continue to need energy, which is in short supply, but high prices for this energy will continue to endanger their growth possibilities and the growth prospects of their respective economies.”

Last Friday saw an uptick in Dubai crude prices of 0.22 percent, pushing prices to USD95.39 a barrel for the week.

Contrarily, as of the time of writing, the prices of Brent and West Texas Intermediate (WTI) fell by 1.69 percent and 1.38 percent, respectively.

WTI crude recently fell below the USD90 mark.

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