Oil prices up this week after back-to-back cuts
After reducing their prices in the past two weeks, oil companies will implement hikes effective on July 15 due to renewed attacks targeting cargo ships in the Red Sea as well as concerns over a potential drop in global oil production.
In separate advisories on Monday, Jetti Petroleum, Seaoil, Clean Fuel and Petro Gazz said the price of diesel will go up by P1.40 a liter.
Gasoline and kerosene will also have upward adjustments reaching 70 centavos and 80 centavos per liter, respectively.
Caltex, on the other hand, will raise the prices per liter of gasoline by 35 centavos, diesel by 70 centavos and kerosene by 50 centavos.
Industry sources said that one of the factors affecting price movements was the strong demand logged for crude oil and refined fuel products last week.
Local fuel retailers reduced their pump prices last week by 10 centavos to 80 centavos after tensions eased in the Middle East following the Israel-Iran ceasefire.
