Oil prices to go up by 10-80 centavos this week
MANILA, Philippines — After reducing their prices by 10 centavos to 30 centavos last week, oil companies will be implementing an increase in the costs of their fuel products effective on Feb. 18.
In separate advisories on Monday, Seaoil, Petro Gazz, Jetti, Clean Fuel, Shell Pilipinas, and Caltex said that per liter, the prices of gasoline and diesel would both rise by 80 centavos and kerosene by 10 centavos.
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Rodela Romero, assistant director of the Department of Energy-Oil Industry Management Bureau, earlier said the upward movement in pump prices may be attributed to “increasing Middle East tensions and the intensifying sanctions of the United States on Iran and Russia.”
With these price adjustments, the net increases per liter for gasoline and diesel since the start of the year now stand at P4.05 and P4.35, respectively. For kerosene, the year-to-date increase is P2.70 per liter. —Lisbet K. Esmael
