MANILA – Oil companies will implement another big-time price increase on petroleum products this week.
Starting Tuesday morning, Caltex, Cleanfuel, PTT Philippines, Seaoil, and Shell will increase gasoline prices by PHP2.15 per liter and PHP4.30 per liter on diesel.
Caltex, Seaoil, and Shell will also hike kerosene prices by PHP4.85 per liter.
Last week, oil firms raised fuel prices, which brought total increases this year to PHP25.80 per liter for gasoline, PHP35.75 per liter for diesel, and PHP32.15 per liter for kerosene.
Recent developments in the global and local markets that affected the price adjustments include the announcement of Saudi Arabia that it would increase its crude prices starting, as well as the weaker peso against the US dollar, which translates to a more expensive cost of importing fuel prices.
The peso hit 53 to a dollar last week, its weakest in more than three years.
On the other hand, oil prices fell on Monday amid risks of slower demand due to increasing Covid-19 cases in Beijing, as well as inflation concerns. (PNA)
