Oil price hike set on May 28

By Kris Crismundo

May 27, 2024, 4:30 pm

<p><em>(File photo)</em></p>

(File photo)

MANILA – Oil companies will increase oil prices on Tuesday by less than 50 centavos.

In separate advisories, Caltex, Cleanfuel, Jetti, Petro Gazz, Seaoil, and Shell said they will hike gasoline and diesel prices by PHP0.40 per liter.

Caltex, Seaoil, and Shell will also implement PHP0.30 per liter increment on kerosene prices.

Other industry players are expected to follow suit.

Last week, oil companies had mixed price adjustments, decreasing prices for gasoline while increasing diesel and kerosene prices.

Department of Energy (DOE) data showed that the price adjustments last Tuesday made the gasoline and diesel year-to-date prices to have net increments of PHP7.15 and PHP4.45 per liter, respectively.

On the other hand, year-to-date price of kerosene had a net decrement of PHP1.35 per liter. (PNA)