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Big-time oil price hike today

Oil companies will increase their prices with big-time increments on diesel products.

In separate advisories, Caltex, Cleanfuel, PTT Philippines, Seaoil, and Shell said they will raise diesel prices by P6.55 per liter and gasoline prices by P2.70 per liter.

Caltex, Seaoil, and Shell will likewise hike kerosene prices by P5.45 per liter.

The price adjustments will take effect 12:01 a.m. on Tuesday.

Just last week, oil firms increased the prices of diesel and kerosene while slashing gasoline prices.

The price movement in the previous week translated to a net increase in prices of diesel by P29.20 per liter and P26.70 per liter for kerosene since the start of the year. The net hike in gasoline prices stood at P23.10 per liter.

Data from the Department of Energy show that between May 31 and June 2, retail prices of gasoline in Metro Manila ranged from P71.70 to P95.15 per liter; diesel, from P69.65 to P84.05 per liter; and kerosene, from P77.64 to P85.25 per liter.

Industry experts forecast that oil prices would remain elevated after Saudi Arabia Sunday announced that it will raise its crude oil price in July.

This is despite the Organization of the Petroleum Exporting Countries and its allies (OPEC+) agreed to hike their output in July and August.

However, demand for the commodity is also rising, driven by the summer season in the United States and the easing of COVID-19 restrictions in China.*PNA

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