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Oil prices to rise anew

Following two-weeks of rollback, fuel prices are set to increase starting this morning.

In separate advisories, Caltex, Cleanfuel, Jetti, Petro Gazz, PTT Philippines, Seaoil, and Shell said they will raise diesel prices by P1.70 per liter and P0.45 per liter for gasoline.

Caltex, Seaoil, and Shell will also hike kerosene prices by P0.40 per liter.

According to S&P Global, supply disruptions in Libya and possible further cuts on Russian oil amid the rising conflict in Ukraine impacted global prices this week.

“Libya’s National Oil Corp. said April 17 that it declared force majeure on deliveries of Mellitah crude oil exports after the 70,000 barrel per day El Feel, or Elephant, oil field was closed,” S&P Global said.

Sanctions on Russian oil also continue to affect petroleum prices in the world market. Since the start of the year, the net increase in gasoline prices stood at P14.25 per liter, P24.55 per liter on diesel, and P20.20 per liter on kerosene.*PNA

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