Big-time oil price hike set on December 26

MANILA, Philippines — Oil companies will implement an increase in oil prices on Tuesday, a day after Christmas.

In seperate advisories, Shell, CleanFuel, Caltex, SeaOil, Jetti and PetroGazz announced that they will increase the prices of gasoline by P1.60 per liter while diesel prices will increase by P1.70 per liter.

Caltex increase kerosene prices by P1.55 per liter while CleanFuel also hike kerosene by P1.54 per liter.

On Friday, Department of Energy (DOE) Director of Oil Industry Management Bureau Rodela Romero attributed the increase in oil prices to the oil tankers avoiding the Red Sea following the attacks of the Yemen-based Houthi rebels.

As of December 19, the DOE said that the net increase of diesel for the entire year stood at P3.95 per liter while gasoline remained at P11 per liter. 

Kerosene, meanwhile, resulted in a net decrease of P0.31 per liter.

The pump price adjustments will take effect on Tuesday, with some oil firms implementing the price changes at 6 a.m.. Some companies will adjust oil prices at 12:01 a.m.

Other oil firms have yet to announce their price movements.