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Oil price hike set

Oil prices will increase again after six straight weeks of rollbacks after a rebound of world oil prices as fears over the Omicron variant subside.

In separate advisories, Caltex, Cleanufel, Petro Gazz, PTT Philippines, Seaoil, and Shell announced they will increase diesel prices by P1.35 per liter and P1.60 per liter for gasoline.

Caltex, Seaoil, and Shell will also increase the prices of kerosene by P1.20 per liter.

Other players are expected to follow suit.

Since November 2, oil firms slashed diesel prices by P5.40 per liter and P5.55 per liter for kerosene.

Gasoline prices started to go down on November 9 with a total price rollback amounting to P6.25 per liter.

Year-to-date adjustments of pump prices resulted in a net increase of P15.70 per liter for gasoline, P13.05 per liter for diesel, and P10.49 per liter for kerosene.

Meanwhile, world oil prices rebounded last week, recording the biggest weekly gain since August.

According to industry experts, negative sentiments over the new coronavirus disease 2019 strain are subsiding.*PNA

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