AMID the expected Holy week exodus, petroleum firms announced Monday, March 25, 2024, a big-time oil price hike.
In their respective advisories, Pilipinas Shell, Seaoil, Cleanfuel and Caltex said there will be a P1.40 per liter price increase for diesel, P2.20 per liter on gasoline and P1.30 per liter on kerosene.
Pilipinas Shell, Seaoil and Caltex will implement the price adjustment at 6 a.m. Tuesday, March 26, while Cleanfuel will have it effective at 4:01 p.m.
Other oil firms are also expected to carry such price adjustment on fuel products.
Earlier, Department of Energy-Oil Industry Management Bureau Director III Rodela Romero said the increase is driven by speculation surrounding the impact of Ukraine's recent assaults on Russian big three refineries, the reduction of Iraq crude exports, the big draw from US crude and gasoline stockpiles, and the stronger demand and economic growth of US and China. (TPM/SunStar Philippines)