Oil price hike again this week

May 9, 2022 Edd Reyes 139 views

LOCAL oil companies announced on Monday another big-time increase in pump prices starting Tuesday morning, their 15th price hike since the start of 2022.

In separate advisories, major oil firms Petron Corporation and Pilipinas Shell and independent oil companies Seaoil Philippines and Flying V said gasoline and diesel prices will go up by P4.20 per liter while kerosene by P5.85 per liter effective at 6:00 a.m.

Caltex Philippines, another major oil firm, also announced the same price adjustment, which will take effect much earlier at 12:01 a.m. Tuesday.

Independent oil companies PTT Philippines, Petro Gazz, Total Philippines, Phoenix Petroleum, Unioil, and Eastern Petroleum, will implement the same changes at 6:00 a.m. Tuesday, excluding kerosene which they do not carry while changes in pump prices of Clean Fuel will take effect at 8:01 a.m.

PTT Philippines Communication Officer Jhay Julian said the weekly price adjustment mainly reflects movements in the international oil market.