HIKE ANEW. Oil firms will implement another big-time price increase on petroleum products starting Tuesday (April 26, 2022). After a two-week rollback, they started last week to raise prices in domestic products as oil prices in the global market remain volatile. (File photo)
MANILA – Oil companies will implement another big-time price increase on petroleum products starting Tuesday morning.
In separate advisories, Caltex, Cleanfuel, PTT Philippines, Seaoil, and Shell said they will hike diesel prices by PHP4.10 per liter and PHP3 per liter on gasoline prices.
Caltex, Seaoil, and Shell will also add another PHP3.50 per liter on kerosene prices.
Oil firms started to increase fuel prices last week after a two-week rollback.
During the Laging Handa public briefing Monday, Department of Energy (DOE) Undersecretary Gerardo Erguiza Jr. said oil prices in the global market remain volatile.
“So ang titingnan ho natin ngayon, iyong presyo sa April 25, today ‘no, sa daily trading dahil makikita natin kung pataas o pababa. Pero nakikita ho natin, wala naman masyadong significant increases doon sa prices. So unlike in the past, nagkaroon ng pagpalo nang napakalaki na umabot ng PHP12, at pagpalo rin ng pagbagsak ng PHP12. Ito, paunti-unti iyong pagtaas ngayon (So what we are looking at is the prices today, April 25, because we can see the increase or decline in the daily trading. But what we see is there are no significant increases in the prices. So unlike in the past, we had a big-time increase reaching to PHP12, and when it went down, it plunged to PHP12 also. Now, what we see is a gradual increase),” Erguiza said.
The Oil Industry Management Bureau (OIMB) has also cited current global developments that affect the petroleum prices in the world market.
These include the unresolved conflict between Russia and Ukraine, possible European Union embargo on Russian oil, continued sanctions on Russian oil, low spare capacity of Organization of Petroleum Exporting Countries and its allies (OPEC+) to replace Russian fuel, and the pending nuclear talks that could possible inject another one million barrels per day from Iran crude.
Local oil prices stood a net increase of PHP14.70 per liter for gasoline, PHP26.25 per liter for diesel, and PHP20.60 per liter for kerosene with the price increase implemented last week. (PNA)
