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Big-time oil price hike today

Oil companies will implement price hikes on petroleum products, with increases higher than the Department of Energy’s (DOE) outlook.

In separate statements, Caltex, Cleanfuel, Jetti, Petro Gazz, Phoenix Petroleum, PTT Philippines, Seaoil and Shell said they will increase gasoline prices by P1.20 per liter and diesel prices by P6.85 per liter starting today.

Caltex, Seaoil, and Shell will also hike kerosene prices by P3.50 per liter.

Last week, DOE director Rino Abad said oil prices may increase by around P4 per liter for diesel, less than P1 for gasoline, and more than P2 for kerosene.

This, as the Organization of Petroleum Exporting Countries and its allies (OPEC+) agreed to cut output by two million barrels a day – the highest production cut since the start of the pandemic.

Abad said the move of the oil cartel aims to arrest the falling prices in the world market.

Oil prices in the global market in June this year reached USD125 per barrel.

In the past weeks, it fell to below USD90-level.

“It looks like the plan is to raise it USD100 to USD110 (per barrel),” Abad said earlier.

As of writing, Brent crude was trading at USD97.46 per barrel while West Texas Intermediate at USD92.22 per barrel.

The movement in oil prices last week brought gasoline prices to increase this year by P24.40 per liter, P35.95 per liter for diesel, and P29.30 per liter for kerosene.*PNA

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