By Kris Crismundo | Philippine News Agency
Motorists and consumers should brace for hefty oil price hikes on Tuesday, Sept. 19 – the eleventh straight week that oil firms increase pump prices.
In separate advisories, Caltex, Cleanfuel, Phoenix Petroleum, Seaoil, Shell, and PTT Philippines will increase prices of gasoline by P2 per liter and diesel by P2.50 per liter.
Caltex, Seaoil, and Shell will also hike kerosene prices by P2 per liter.
Other oil companies have yet to announce the price adjustments but are expected to follow suit.
With the price adjustment last week, gasoline prices have increased by P18.64 per liter since the start of the year, diesel prices by P12.70 per liter, and kerosene prices by P10.65 per liter.
Oil industry analysts expect that global oil prices will reach USD100 per barrel this year due to output cuts by Russia and Saudi Arabia, as well as the rising demand from China.
As of this writing, West Texas Intermediate (WTI) crude is trading at USD91.61 per barrel while Brent is selling at USD94.64 per barrel.
In the first week of the year, WTI and Brent were trading at around USD80 and USD75 per barrel, respectively.
