Oil prices rise anew

January 31, 2022 Edd Reyes 120 views

MOTORISTS will be greeted again with a hefty fuel price increase on the celebration of Chinese New Year, Tuesday, February 1, marking its fifth consecutive week of fuel price hike.

Major oil players Petron Corporation and Pilipinas Shell, along with small oil firm Seaoil Philippines, bared that at 6 a.m. Tuesday, they would implement an increase of their gasoline and diesel products by P0.75 centavos per liter while kerosene at P0.45 centavos per liter.

Chevron Philippines, another oil giant, also moved its pump prices by the same increments, much earlier at 12:01 a.m. Tuesday.

Independent oil companies PTT Philippines, Total Philippines, Phoenix Petroleum, Petro Gazz, Unioil Philippines implemented the same set of hikes on their diesel and gasoline products at 6 a.m. Tuesday while Clean Fuel at 4:01 p.m.

Oil industry sources said the continued spiking of international oil prices and the large weekly gain posted on global oil prices caused domestic prices to continue to climb.