Petroleum companies have announced big-time price hikes effective 12:01 a.m. today.
In separate advisories on Monday, Caltex, Cleanfuel, Flying V, Petro Gazz, Petron, Phoenix, PTT, Seaoil, Shell, and Unioil said gasoline prices will increase by P1.90 per liter and diesel prices by P2.10 per liter.
Also, Caltex, Petron, Seaoil, and Shell will hike kerosene prices by P1.80 per liter.
According to experts, the easing of inflation in the United States supported global commodity prices, which is expected to boost consumption.
Last week, oil prices reached their three-month high, with Brent crude reaching USD81 per barrel and the West Texas Intermediate (WTI) touching USD76 per barrel.
With the price adjustments last week, gasoline prices recorded a net increase of P9.15 per liter since the start of 2023.
On the other hand, diesel and kerosene prices registered a net reduction of P1.35 per liter and P2.80 per liter, respectively, since the start of the year.*PNA