Oil price hike today

MANILA, Philippines — Another round of massive fuel price hikes greet motorists today.

In separate advisories, oil firms said gasoline prices would be increased by P0.75 per liter, diesel prices by P1.25 per liter and kerosene by P1.10 per liter.

Chevron Philippines Inc., the marketer of Caltex in the Philippines, said its price adjustments would take effect at 12:01 a.m.

Petron Corp., Petro Gazz, Phoenix Petroleum Philippines Inc., Pilipinas Shell Petroleum Corp., Seaoil Philippines and PTT Philippines said their price adjustments would take effect at 6 a.m.

Meanwhile, Unioil Philippines said it would raise prices at 6:01 a.m. while Cleanfuel would hike gasoline and diesel prices by 4:01 p.m.

“I think this week we’re also getting another round of increases and this, of course, is tied to the general uptrend in your global oil prices,” ING Bank Philippines senior economist Nicholas Mapa said at a virtual economic briefing yesterday.

In the past trading week, oil prices soared amid tightening of supply due to the output reduction implemented by the Organization of the Petroleum Exporting Countries (OPEC) and its allies, Reuters reported.

Last week, local oil players raised gasoline prices by P0.85 per liter, diesel by P1.10 per liter and kerosene by P1.10 per liter.

These price movements resulted in year-to-date adjustments at a net increase of P3.25 per liter for gasoline, P2.65 for diesel and P2.25 for kerosene.