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Oil prices to rise again

April 18, 2022 Edd Reyes 515 views

FOLLOWING two consecutive weeks of price rollback, local oil firms announced on Monday another increase in pump prices effective Tuesday.

Major oil firms Pilipinas Shell and Petron Corporation, along with independent companies Flying V and Seaoil Philippines, are set to impose an increase of diesel products by P1.70 per liter while gasoline and kerosene by P0.45 centavos per liter effective at 6:00 a.m.

Earlier, Chevron Philippines also implemented the same price adjustments, much earlier at 12:01 a.m. Tuesday.

PTT Philippines, Total Philippines, Phoenix Petroleum, PetroGazz, Unioil Philippines, and Jetti Oil also announced an increase in their gasoline and diesel products by the same uniform amounts at 6:00 a.m. Tuesday, while Clean Fuel at 8:01 a.m.

Energy sources said the conflict between Ukraine and Russia was still the main reason why the prices of imported petroleum products in the international market soared rapidly.