BIG-TIME PRICE HIKE. Oil companies have announced they will raise their prices with big-time increments on diesel products effective Tuesday (June 7, 2022). Just last week, they increased the prices of diesel and kerosene while slashing gasoline prices. (File photo)
MANILA – Oil companies will increase their prices with big-time increments on diesel products.
In separate advisories, Caltex, Cleanfuel, PTT Philippines, Seaoil, and Shell said they will raise diesel prices by PHP6.55 per liter and gasoline prices by PHP2.70 per liter.
Caltex, Seaoil, and Shell will likewise hike kerosene prices by PHP5.45 per liter.
The price adjustments will take effect 12:01 a.m. on Tuesday.
Just last week, oil firms increased the prices of diesel and kerosene while slashing gasoline prices.
The price movement in the previous week translated to a net increase in prices of diesel by PHP29.20 per liter and PHP26.70 per liter for kerosene since the start of the year. The net hike in gasoline prices stood at PHP23.10 per liter.
Data from the Department of Energy show that between May 31 and June 2, retail prices of gasoline in Metro Manila ranged from PHP71.70 to PHP95.15 per liter; diesel, from PHP69.65 to PHP84.05 per liter; and kerosene, from PHP77.64 to PHP85.25 per liter.
Industry experts forecast that oil prices would remain elevated after Saudi Arabia Sunday announced that it will raise its crude oil price in July.
This is despite the Organization of the Petroleum Exporting Countries and its allies (OPEC+) agreed to hike their output in July and August.
However, demand for the commodity is also rising, driven by the summer season in the United States and the easing of the coronavirus disease 2019 (Covid-19) restrictions in China. (PNA)
