Oil companies will implement another big-time price increase on petroleum products starting today.
In separate advisories, Caltex, Cleanfuel, PTT Philippines, Seaoil, and Shell said they will hike diesel prices by P4.10 per liter and P3 per liter on gasoline prices.
Caltex, Seaoil, and Shell will also add another P3.50 per liter on kerosene prices.
Oil firms started to increase fuel prices last week after a two-week rollback.
During the Laging Handa public briefing Monday, Department of Energy (DOE) Undersecretary Gerardo Erguiza Jr. said oil prices in the global market remain volatile.
The Oil Industry Management Bureau (OIMB) has also cited current global developments that affect the petroleum prices in the world market.
These include the unresolved conflict between Russia and Ukraine, possible European Union embargo on Russian oil, continued sanctions on Russian oil, low spare capacity of Organization of Petroleum Exporting Countries and its allies (OPEC+) to replace Russian fuel, and the pending nuclear talks that could possible inject another one million barrels per day from Iran crude.
Local oil prices stood a net increase of P14.70 per liter for gasoline, P26.25 per liter for diesel, and P20.60 per liter for kerosene with the price increase implemented last week.*PNA