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Latest round of oil price hikes lowest in 3 weeks

Oil companies will implement another price increase effective this morning but increments will be lower than the previous weeks.

In separate advisories, Caltex, Cleanfuel, PTT Philippines, Seaoil, and Shell announced they would increase diesel prices by P1.65 per liter and gasoline prices by P0.50 per liter.

Caltex, Seaoil, and Shell will also add P0.10 per liter on kerosene prices.

Other oil companies are expected to follow suit.

The price increments this week will be the lowest compared to the oil price hikes in the past three weeks, which had a weekly increase of as much as P6.55 per liter for diesel, P2.70 per liter for gasoline, and P5.45 per liter for kerosene.

For this year, prices of gasoline had a net increase of P28.75 per liter, P43.15 per liter on diesel, and P38.70 per liter on kerosene prices.

According to OilPrice.com, industry experts said the economic uncertainties in the global market have weighed on world oil prices.

It added that higher interest rates, lockdowns in China, slowing oil demand growth in the United States, and “historical strategic petroleum reserve release” have been affecting the possible drop in global fuel prices.*PNA

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