40 centavos to P1.10 hike in oil prices
After implementing a minimal price rollback ranging from 20 to 40 centavos last week, oil companies are imposing a price increase ranging from 40 centavos to P1.10 effective on March 25.
In separate advisories on Monday, Jetti Petroleum, Petro Gazz, Seaoil and Shell Pilipinas, Caltex (marketed by Chevron Philippines Inc.) and Cleanfuel said they would raise the price of gasoline per liter by P1.10 while diesel and kerosene would both be more expensive by 40 centavos per liter.
The Department of Energy and industry players hinted at a hike in pump prices last week due to several global events affecting the global oil market such as escalating tensions in the Middle East.
Since the Philippines is a net importer of oil, any development in the global market could influence local fuel pricing.
