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Oil prices climb again after 2 rollbacks

Oil companies notified an increase of ₱0.45 per liter, and ₱1.70 per liter in gasoline and diesel prices, respectively, after two consecutive weeks of stable fuel prices.

Among these companies are Cleanfuel, Petro Gazz, Phoenix Petroleum Philippines Inc., PTT Philippines Corp., Unioil Petroleum Philippines Inc., Chevron Philippines Inc. (Caltex), Flying V, Petron Corp., Pilipinas Shell Petroleum Corp., and Seaoil Philippines Inc. They announced that these prices were effective yesterday, April 19, at 6 am.

According to the Department of Energy (DOE), diesel, gasoline, and kerosine climbed up by ₱25.65 per liter, ₱15 per liter, and ₱21.10 per liter, respectively. The record started from the beginning of 2022.

The gas price in the market ranged from ₱70 to ₱80 per liter, which greatly affected the transportation industry, especially the drivers and operators.

In response, the Land Transportation Franchising and Regulatory Board (LTFRB) initiated distributing fuel cash aids to drivers and operators. Shipping companies also declared a fare increase due to high fuel costs.

The continuous increase in oil prices in the Philippines is caused by the fuel market's tight supply amid the Russia-Ukraine war.

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