MANILA – Oil players are set to implement a big-time increase in fuel prices starting Tuesday.
In separate advisories, Chevron (Caltex), Flying V, Petro Gazz, Phoenix Petroleum Philippines, Seaoil, and Shell will hike diesel prices by PHP1.90 per liter and PHP2 per liter for gasoline.
Chevron, Flying V, Seaoil, and Shell also announced increments on kerosene prices by PHP1.25 per liter.
The increase in pump prices this week follows the movement in the world market after West Texas Intermediate (WTI) crude and Brent crude trade at USD24.74 a barrel and PHP30.97 a barrel, respectively.
The Organization of the Petroleum Exporting Countries (OPEC) and its allies began to slash their output to 10 million barrels a day. OPEC+ agreed to cut their production until next month.
Aside from the increasing crude prices in the global market, the Philippine government also imposed an additional 10-percent duty on imported crude oil and refined petroleum products.
The government will use the additional collection to fund its coronavirus disease 2019 (Covid-19) response. (PNA)
