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Oil price hike set

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Motorists and consumers should brace for higher costs of fuel products as oil firms will implement big-time price hikes effective today.

In separate advisories, Caltex, Cleanfuel, Petro Gazz, Seaoil, and Shell said they will hike gasoline prices by P1.20 per liter and P1.40 per liter for diesel.

Kerosene prices of Caltex, Seaoil, and Shell will also be higher by P1.30 per liter.

The adjustment ends the three straight weeks of price rollback for kerosene products.

Data from the Department of Energy show that gasoline prices in Metro Manila range from P52 to P76.25, diesel prices from P46.75 to P68.42, and kerosene from P63.45 to P76.20 per liter.

Since the start of 2023, gasoline prices posted a net increase of P9 per liter, while diesel and kerosene prices had a net reduction of P1.05 and P3.65 per liter, respectively.

In the global market, OilPrice.com said crude prices headed for another weekly loss last week despite Saudi Arabia’s announcement to cut production.

As of writing, West Texas Intermediate was trading at USD69.28 per barrel and USD73.86 per barrel for Brent crude from Friday morning’s USD71 per barrel and USD75.50 per barrel.*PNA

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