Oil companies will implement price increases this week, with big-time hikes on diesel and kerosene.
In separate advisories, Caltex, Cleanfuel, Jetti, Petro Gazz, Seaoil and Shell announced they will raise gasoline prices by P0.40 per liter and P1.50 per liter for diesel effective 12:01 a.m. today.
Caltex, Seaoil and Shell will also increase kerosene prices by P1.25 per liter.
Other oil companies are expected to follow suit.
Last week, firms implemented rollbacks on fuel prices, which brought total increase on gasoline prices to P7.40 per liter and diesel to P0.60 per liter since the start of the year.
Kerosene prices remained at the same levels since 2023 began following all the price adjustments in the past months.
Oil industry experts said the recovering demand from China after easing of restrictions has driven growth of the oil market.
Amid the tight supply and increasing demand from the world’s second-largest oil consumer, crude oil prices are expected to rally to USD100 a barrel this year.*PNA