Oil price hikes continue with no end in sight

February 7, 2022

Oil companies will implement a big-time price hike on their products effective Tuesday.

In separate advisories, Caltex, Cleanfuel, Petro Gazz, PTT Philippines, Seaoil, and Shell will increase gasoline prices by PHP1.05 per liter and PHP1.20 per liter on diesel.

Caltex, Seaoil, and Shell will also raise kerosene prices by PHP1.25 per liter.

Other oil players are expected to implement the same price hikes.

This will be the sixth consecutive week that oil companies implement price increases.

Year-to-date adjustments of domestic oil prices stood a net increase of PHP5.70 per liter for gasoline, PHP7.95 per liter for diesel, and PHP7.20 per liter for kerosene.

The oil monitor bulletin of the Department of Energy (DOE) said the geopolitical tensions on Russia-Ukraine borders remain a challenge in an environment where fuel supply is already tight while demand outlook remains solid.

“Ukraine is a key oil and gas transit hub between Russia and Europe and any further escalation has the potential to send crude and gas prices still higher,” the DOE bulletin said.* (PNA)