Fuel prices up 'big time,

CITY OF SAN FERNANDO---A hefty increase in the pump prices of fuel will be implemented by oil firms on Tuesday, February 20.

This was announced by oil companies led by Shell and Seaoil, which said that the price of gasoline would go up by P1.60 per liter and diesel by P1.10 per liter, while kerosene will increase by P1.05 per liter.

The price increase comes after oil firms cut the price per liter of gasoline by P0.60, diesel by a measly P0.10, and kerosene by P0.40 last week.

The Department of Energy (DOE) Oil Industry Management Bureau said in its monitoring site that the big time price adjustments were a result of the intensifying conflict in the Middle East at the Lebanese border, which brought to a halt shipping in the Red Sea and Suez Canal.

Coupled with this, the DOE said, is the ongoing Israel-Hamas war which saw Israel hitting Hezbollah with a rocket barrage in Southern Lebanon.

Added to this, the agency said, was the surge in US crude stockpiles, the forecast of the Organization of Petroleum Exporting Countries that global oil demand will grow by 2.2 million barrels per day this year and the recent four-day Mean of Platts Singapore.

Shell and Seaoil will implement the price adjustments by 6:00 am while other oil firms have yet to announce the implementation of the hike.

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