Oil companies raise gasoline prices

Oil companies adjusted petroleum prices on Tuesday, according to a report by Manila Times.

In separate advisories, Caltex, Cleanfuel, Petro Gazz, PTT Philippines, Seaoil, Shell and Unioil said they will hike gasoline prices by P3.95 per liter and will reduce diesel prices by P2.30 per liter.

Caltex, Seaoil and Shell will also implement a rollback on prices of kerosene by P2.45 per liter.

This is the second straight week that oil firms are implementing big-time rollback on diesel and kerosene.

Meanwhile, the increase in gasoline prices this week is higher than the P0.40 per liter price reduction last week.

The net increase in gasoline prices since the start of the year stood at P20.85 per liter, a P30.30 net increase on diesel and a P26.7 net hike in kerosene prices.

According to OilPrice.com, the oil market became volatile as bullish and bearish outlooks collided.

Fuel inventories continue to impact prices, but the market fears a looming recession with the gloomier global economic outlook.


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