MANILA, Philippines — Significant fuel price hikes are to be implemented today after global crude prices soared to a near six-month high during last week’s trading.
In separate advisories, oil companies announced that gasoline prices would be increased by P0.75 per liter, diesel by P0.80 and kerosene by P0.90 per liter.
Caltex Philippines said its price change would be effective at 12:01 a.m.
Eastern Petroleum, Pilipinas Shell Petroleum Corp., Petro Gazz, Phoenix Petroleum, Seaoil Philippines, PTT Philippines and Total said they would implement the price increases starting 6 a.m.
Oil prices rose at the start of the previous trading week, with Brent hitting its highest since November last year, due to a decline in drilling and higher stockpile in the US, as well as ongoing supply cuts by the Organization of Petroleum Exporting Countries (OPEC).
Brent, the international benchmark, reached $74.73 a barrel last Tuesday and Wednesday, the highest since Nov. 1, Reuters reported.
Gains were tempered toward the close of the trading week as the US continues to push for tighter sanctions against Iran and efforts to resume Russian oil flows.
Last week, oil firms raised gasoline prices by P0.10 per liter.