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Oil prices going up again

Prices of petroleum products will increase anew today following a big-time hike last week.

In separate advisories, Caltex, Cleanfuel, PTT Philippines, Seaoil, and Shell said gasoline prices will increase by P0.80 per liter and diesel prices by P2.70 per liter starting 12:01 a.m.

Caltex, Seaoil, and Shell also announced that a P2.90 per liter hike will be implemented on kerosene prices.

Other oil firms are expected to follow suit.

Industry players last week raised prices of gasoline by P1.20 per liter, diesel by P6.85 per liter, and kerosene by P3.50 per liter.

The increments have brought net price increases for this year to P25.60 per liter for gasoline, P42.80 per liter for diesel, and P32.80 per liter for kerosene.

The previous oil price adjustments were driven by the announcement of the Organization of Petroleum Exporting Countries and its allies (OPEC+) to cut production by 2 million barrels a day as the oil cartel targets to arrest the falling prices of the world’s most traded commodity.*PNA

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