Metro News
Oil firms hike gasoline prices, cut cost of diesel
Oil companies adjusted petroleum prices on Tuesday, according to a report by Philippine News Agency.
In separate advisories, Caltex, Cleanfuel, Petro Gazz, PTT Philippines, Seaoil, Shell, and Unioil said they will hike gasoline prices by PHP3.95 per liter and will reduce diesel prices by PHP2.30 per liter.
Caltex, Seaoil, and Shell will also implement a rollback on prices of kerosene by PHP2.45 per liter.
This is the second straight week that oil firms are implementing big-time rollback on diesel and kerosene.
Meanwhile, the increase in gasoline prices this week is higher than the PHP0.40 per liter price reduction last week.
The net increase in gasoline prices since the start of the year stood at PHP20.85 per liter, a PHP30.30 net increase on diesel, and a PHP26.7 net hike in kerosene prices.
According to OilPrice.com, the oil market became volatile as bullish and bearish outlooks collided.
Fuel inventories continue to impact prices, but the market fears a looming recession with the gloomier global economic outlook.
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