Oil price hike set June 27

By Kris Crismundo

June 26, 2023, 3:18 pm

<p><em>File photo</em></p>

File photo

MANILA – Oil firms on Monday announced they will increase the prices of their fuel products starting 12:01 a.m. of June 27.

In separate advisories, Caltex, Cleanfuel, Petro Gazz, PTT, Seaoil, and Shell said they will hike gasoline prices by PHP0.20 per liter and diesel by PHP1.05 per liter.

Caltex, Seaoil, and Shell will also increase kerosene prices by PHP1.20 per liter.

According to industry experts, global oil prices climbed amid Russia mutiny concerns that may disrupt supply.

China and India source their oil from Russia. If there will be disruption in oil supply from Russia, the world’s two most populated nations have to source their oil from other suppliers competing with other countries. This could spell higher petroleum prices.

Last week, local oil players implemented minimal price rollbacks across fuel products.

The adjustments translated to a net increase of PHP9.85 per liter in gasoline prices since the start of the year and a net increment of PHP0.25 per liter for diesel products.

On the other hand, kerosene prices were lower by PHP2.65 per liter since 2023 began. (PNA)