Oil prices up in Christmas week
MANILA, Philippines —Motorists will face an oil price hike this Christmas, as fuel companies increase prices by up to P1.45 per liter during the holiday week.
In separate advisories, oil firms including Seaoil, Cleanfuel and more will implement the following price increases:
- Diesel – Down by P1.45 per liter
- Kerosene – Down by P0.75 per liter
- Gasoline – Up by P0.50 per liter
The increase in diesel prices exceeded the projection of the Department of Energy's Oil Industry Management Bureau.
Shell, Caltex, Seaoil, PetroGazz, Jetti and Unioil will implement the price hike at 6 a.m., while Cleanfuel will implement its increase at 4:01 p.m.
This round of fuel hikes is the latest in several weeks of continuous increases.
Last week, fuel prices rose by as much as P0.80 per liter.
The government has attributed the frequent increases in fuel prices to a stronger U.S. dollar and a decline in crude oil stocks.
Global supply has also been affected by factors such as the ongoing war between Ukraine and Russia.
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