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MANILA – After five consecutive weeks of rollbacks, prices of diesel and kerosene are set for a big-time hike on Tuesday.
In separate advisories, Caltex, Cleanfuel, Seaoil, and Shell said they will increase diesel prices by PHP2.60 per liter and PHP0.70 per liter on gasoline.
Caltex, Seaoil, and Shell will also raise prices of kerosene by PHP2.80 per liter.
Other local oil industry players are expected to follow suit.
With the price adjustments in the previous week, gasoline prices have increased since the start of the year by PHP27.40 per liter, PHP36.30 per liter for diesel, and PHP30.35 per liter for kerosene.
Industry experts said the increase in petroleum prices this week is driven by a tightening of supply, with United States’ crude inventory declining and the sanctions against Russia continue to impact demand and supply dynamics and affecting prices.
According to OilPrice.com, the volatile oil prices have been impacting traders and other industries.
“Businesses will continue to need energy that is in tight supply, but high prices for this energy will continue threatening their growth prospects and the growth prospects of their respective economies,” Irina Slave of OilPrice.com wrote.
Dubai crude increased by 0.22 percent last Friday, bringing prices to settle last week at USD95.39 per barrel.
On the other hand, Brent and West Texas Intermediate (WTI) prices on Monday declined by 1.69 percent and 1.38 percent, respectively, as of writing.
WTI crude has touched below USD90-level. (PNA)
