By Kris Crismundo | Philippine News Agency
A hefty oil price hike will greet motorists and consumers on Tuesday.
Oil firms are expected to implement a P1.10 per liter increase for gasoline, a P1.55 per liter increment for diesel, and a P1.40 per liter hike for kerosene.
As of this writing, only Cleanfuel, Seaoil, and Shell have confirmed the oil price hike, but other industry players are expected to follow suit.
Last week, oil companies had mixed price adjustments, increasing prices for gasoline while slashing diesel and kerosene prices.
Department of Energy (DOE) data showed that the price adjustments last April 2 caused gasoline and diesel year-to-date prices to have net increments of P8.20 and P4.50 per liter, respectively.
In Metro Manila, gasoline prices ranged from P58 to P86.67 per liter, diesel prices ranged from P53.15 to P73.80 per liter, and kerosene prices ranged from P72.04 to P83.79 per liter.
Industry experts attributed the higher global oil prices to ongoing geopolitical tensions and output cut off the Organization of the Petroleum Exporting Countries Plus or OPEC+, while fuel demand continues to rise.
