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Big-time oil price hike this week

Oil companies will implement a big-time price increase today.

In separate advisories, Caltex, Cleanfuel, Petro Gazz, PTT Philippines, Seaoil, and Shell will raise gasoline prices by PHP1.45 per liter and diesel products by P2.05 per liter.

Caltex, Seaoil, and Shell will also hike kerosene prices by PHP2.05 per liter.

Other industry players are expected to follow suit.

Adjustments in local oil prices reflected the movements in the world oil market.

Last week, oil prices traded above USD80 – the first time in three years.

Market analysts expected that oil prices will continue to increase amid the growing demand and tighter supply of the commodity.

According to the Department of Energy’s bulletin, Dubai crude rose by USD1 per barrel week-on-week during September 20 and 24 trading.

Mean of Platts Singapore (MOPS) gasoline and diesel also went up by USD1.15 per barrel and USD1.85 per barrel, respectively.

The oil price hike is also backed by depreciating local currency, which weakened by P0.33 against the US dollar week-on-week.

Year-to-date, gasoline prices increased by P15.10 per liter, diesel prices by P12.95 per liter, and kerosene prices by P0.95 per liter.*PNA

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