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Pump prices up for 2nd straight week

Oil companies announced they will increase pump prices starting today.

In separate advisories, Caltex, Cleanfuel, Petro Gazz, Seaoil, and Shell said gasoline and diesel prices will go up by P0.55 per liter.

Caltex, Seaoil, and Shell will also hike kerosene prices by P0.70 per liter.

However, the price hike for household liquefied petroleum gas and kerosene in areas under state of calamity due to Typhoon Odette should be put on hold for 15 days, the Department of Energy (DOE) said.

For Caltex, it said it will also not increase prices of gasoline and diesel in Odette-affected areas such as Cebu, Bohol, Aklan, Capiz, Iloilo, Negros Occidental, Bacolod, Negros Oriental, Samar, Leyte, Palawan, Agusan, Surigao, Cabadbaran, Butuan, General Santos, and Koronadal.

Oil prices have increased for two consecutive weeks.

According to the DOE, domestic oil prices posted a net increase of P17.30 per liter for gasoline prices, P14.40 per liter increase for diesel, and P11.69 per liter increase for kerosene compared to their prices in the past 12 months.

Global oil prices remain volatile as it opened this week’s trading sharply lower due to “bearish pressures” brought by increasing cases of coronavirus disease 2019 (COVID-19) amid the presence of the Omicron variant, S&P Global Platts said.

Surges in cases have also brought new restrictions, particularly in European countries, to manage the increase in the number of cases.*PNA

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