MANILA – Oil companies will implement another big-time price hike on Tuesday for the seventh straight week given supply constraints in the global market.
In separate advisories, Caltex, Cleanfuel, Petro Gazz, PTT Philippines, Seaoil, and Shell said they will increase diesel prices by PHP1.05 per liter and gasoline by PHP1.20 per liter.
Caltex, Seaoil, and Shell will also hike kerosene prices by PHP0.65 per liter.
Since the price adjustments last week, local gasoline prices have already increased by PHP6.75 per liter, PHP9.15 per liter for diesel, and PHP8.45 per liter for kerosene.
According to S&P Global Platts, oil prices are moving towards the USD100 per barrel-mark amid supply constraints due to geopolitical tensions between Russia and Ukraine, while demand in Asia remains stable as economies recover from the pandemic.
The Russia-Ukraine border is a critical route for oil and gas trade as this is the transit hub for the commodities between Russia and the European Union.
Geopolitical tension in the border is expected to constrain the movement of supplies in a global market, which is already experiencing tight supply. (PNA)
