Motorists should prepare for a significant rise in fuel prices this week, as oil companies are set to increase prices by as much as P2.70 per liter.
In separate announcements, Caltex, CleanFuel, and Shell Pilipinas revealed that the price of diesel will jump by P2.70 per liter.
Kerosene will also see an increase of P2.50 per liter, while gasoline will go up by P1.65 per liter. This marks the third consecutive week of rising fuel prices.
Rodela Romero, Assistant Director of the Department of Energy’s (DOE) Oil Industry Management Bureau, explained that the price hikes are largely due to sanctions imposed by the United States on Russia. These sanctions are expected to reduce Russian oil exports, which could drive global crude prices higher in the near future as the market adjusts to the loss of supply from one of the world’s largest oil producers. Additionally, Romero noted that shipping costs may also increase.
Last week, fuel retailers raised their prices by nearly P1 per liter.
Related Topics:
- How Is Red Diesel Made? A Comprehensive Guide to Production
- Is There VAT on Red Diesel?
- Does Red Diesel Smell? A Comprehensive Guide