Fuel prices will increase for eight consecutive weeks as oil firms will impose below P1-per liter hike starting this morning.
In separate statements, local oil industry players Caltex, Cleanfuel, Petro Gazz, PTT Philippines, Seaoil, and Shell said they will increase gasoline prices by P0.80 per liter and P0.65 per liter on diesel.
Caltex, Seaoil, and Shell will also raise kerosene prices by P0.45 per liter.
For the past eight weeks of price hikes, gasoline and kerosene both increased by more than P1 per liter four times, while over P1 increment on diesel was observed for six weeks.
Year-to-date adjustments of oil prices stood a net increase of P7.95 per liter for gasoline, P10.20 per liter for diesel, and P9.10 per liter for kerosene, the Department of Energy (DOE) said.
In the latter part of 2021, DOE Secretary Alfonso Cusi said petroleum prices were expected to further go up in 2022 as global oil supply was already short by 3 million barrels per day.
The Omicron variant has also affected global oil supply, but demand has sustained despite the threats of the new COVID-19 strain.
This month, global oil prices continue to increase due to geopolitical tensions, particularly in Russia-Ukraine borders, a key channel for oil trade between Russia and Europe.
Dubai crude ended last week’s trading at USD90.90 per barrel.*PNA