NextGen Day

Oil corporations will raise petroleum-related product prices, with rises greater than those predicted by the Department of Energy (DOE).

Caltex, Cleanfuel, Jetti, Petro Gazz, Phoenix Petroleum, PTT Philippines, Seaoil, and Shell each announced price increases for gasoline and diesel effective Tuesday of PHP1.20 and PHP6.85 per liter, respectively.

The cost of kerosene will increase by PHP3.50 per liter from Caltex, Seaoil, and Shell.

The DOE director Rino Abad stated last week that the price of oil might rise by about PHP4 per liter for diesel, PHP1 for gasoline, and PHP2 for kerosene.

This occurred at the same time when the Organization of Petroleum Exporting Countries (OPEC+) and its allies decided to reduce output by two million barrels per day, marking the largest production reduction since the pandemic’s beginning.

According to Abad, the oil cartel’s action aims to stop prices on the global market decline.

In June of this year, the price of oil on the world market surpassed USD 125 per barrel.

In the past weeks, it sank to below the USD90 level.

Abad had stated, “It appears that the intention is to hike it to USD100 to USD110 (per barrel)”.

West Texas Intermediate was trading at USD92.22 a barrel as of the time of writing, while Brent crude was trading at USD97.46 per barrel.

Due to the fluctuation in oil prices last week, this year’s gasoline, diesel, and kerosene rates have increased by PHP24.40, PHP35.95, and PHP29.30, respectively.

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