Over P4 hike on fuel prices set this week

Business & Finance

After a minimal price rollback last week, oil firms will implement big-time price hikes on petroleum prices after election day.

In separate advisories on Monday, Caltex, Cleanfuel, Flying V, Petro Gazz, Petron, Phoenix Petroleum, Seaoil, Shell, and Unioil said they will increase both diesel and gasoline prices by PHP4.20 per liter.

Caltex, Flying V, Petron, Seaoil, and Shell will also raise the price by PHP5.85 per liter.

Oil price hikes will start at 12:01 a.m. Tuesday.

Despite the reduction last week, fuel prices stood a net increase since the start of the year —gasoline prices, up by PHP17.05 per liter; diesel prices, up by PHP29.20 per liter; and kerosene prices, up by PHP22.95 per liter.

Oil prices in the international market climbed for two straight weeks with the planned European Union sanctions on Russian oil, contributing to supply concerns.

“Oil steadied as a strong dollar offset supply worries after the EU bared plans for new sanctions against Russia, including an embargo on crude,” Reginal Capital Development Corp. head of sales Luis Limlingan said.

Source: Philippines News Agency

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