Price hike follows major rollback last week
(Eagle News) – Oil companies are set to implement another price hike on Tuesday, March 28, with diesel prices increasing by P8.65 per liter, and gasoline by P3.40 per liter.
Kerosene prices are also set to increase by P9.40 per liter.
The price hike, the 12th this year, follows a rollback that happened last week due to the movement of world crude prices affected by Covid lockdowns in China the week before that.
World crude prices, however, rose again to above $120 per barrel on Wednesday last week, March 23, prompting the price hike this week. On Thursday, March 24, oil prices dipped to below $120 a barrel as investors weighed fresh moves by Western nations to pressure Russia on Ukraine.
Various oil companies already issued advisories of the price adjustments that would be effective at 12:01 a.m. on Tuesday, March 29, for Caltex Philippines and at 6 a.m. for most of the oil companies.
The price hike is still due to the uncertainties brought about by the continuing tensions between Ukraine and Russia.
Before the rollback last week, there had been 11 consecutive weeks of price increases in petroleum products due to the Russia-Ukraine conflict, affecting global oil prices.
(Eagle News Service)