Oil firms announce another big-time price hike

Oil firms announce another big-time price hike

Prices of petroleum products will increase for the fourth consecutive week starting Tuesday.

In separate advisories, Caltex, Cleanfuel, Petro Gazz, Petron, Seaoil, and Shell said they would raise gasoline prices by P1.45 per liter while diesel prices would increase P1.90 per liter.

Caltex, Petron, Seaoil, and Shell would increase prices of kerosene by PP1.70 per liter.

Other oil firms are expected to follow suit.

Prices of the commodity in the world market have gone up over fears of tighter supply due to rising tensions in Eastern Europe and the Middle East.

This is on the back of already tight supply as oil producing countries are struggling to pump more fuel. (PNA)


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