Oil firms have announced another round of fuel price hikes starting today.
Caltex, Cleanfuel, Petro Gazz, PTT Philippines, Seaoil, Shell, and Total will implement a big-time price increase on gasoline prices at P1.15 per liter and diesel by P0.60 per liter.
Companies have been increasing gasoline and diesel prices for seven consecutive weeks now.
Caltex, Seaoil, and Shell will increase kerosene prices by P0.65 per liter after a 5-centavo rollback last week.
The Department of Energy said the price adjustments last week brought gasoline prices a net increase of P12.35 per liter, diesel prices rose by P10 per liter, and kerosene prices up by P8.35 per liter compared to their prices a year ago.
Another factor affecting oil prices is the weaker peso.
The local currency breached the 50-mark to a dollar, making it more expensive to buy the imported crude oil.
Industry experts said oil prices in the global market have been steadily rising as demand is returning due to reopening in China and the United States, as well as other parts of the world.
On the other hand, the Organization of the Petroleum Exporting Countries and its allies (OPEC+) is gradually raising its production but not at the same pace as the global demand.*PNA