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Oil price increase set this week

December 19, 2022 Edd Reyes 278 views

AFTER four consecutive weeks of price rollback, motorists will experience an increase in pump prices effective on Tuesday.

Major oil firms Petron Corporation and Pilipinas Shell announced an increase of their diesel products by P2.90 per liter, gasoline by P0.70 centavos per liter, and kerosene by P1.65 per liter effective at 6 a.m. Tuesday while Chevron Philippines also imposed the same price adjustments much earlier at 12:01 a.m.

Independent oil companies PTT Philippines, Total Philippines, Phoenix Petroleum, Petro Gazz, Unioil Philippines, and Jetti Oil which do not carry kerosene, also announced on Monday that they would increase their prices of diesel and gasoline by the same increment effective at 6 a.m. while Clean Fuel will carry out the same pump price increase at 8:01 a.m. on Tuesday.

Energy sources said the increasing demand for oil in the world market and China’s move to ease some virus restrictions caused international oil prices to climb.