Oil firms raise pump prices
Firms announced an oil price increase on Tuesday morning, according to a report by Philippine News Agency.
In separate advisories, Cleanfuel, Petro Gazz, Seaoil, and Shell will hike gasoline prices by PHP1.05 per liter and PHP1.55 per liter for diesel.
Seaoil and Shell will also increase kerosene prices by PHP1.30 per liter.
However, prices of kerosene and household liquefied petroleum gas were frozen in areas declared under state of calamity due to the recent typhoons.
Despite the big time price increase this week, fuel prices are lower compared to their level last year.
Upon implementing adjustments last week, gasoline prices dropped PHP5.67 per liter, diesel prices declined by PHP10.91 per liter, and kerosene price decreased by PHP13.89 per liter compared to their prices in 2019.
Since Monday last week, global crude oil prices soared with positive developments in the coronavirus disease 2019 (Covid-19) vaccines, as well as the target of the Organization of Petroleum Exporting Countries (OPEC) and its allies to keep tight oil suppl
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