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Oil firms implement steep fuel price hike

(UPDATE) FUEL prices skyrocketed Tuesday, March 26, due to speculations resulting from a number of factors, including Ukraine's assault on three refineries in Russia.
Shell, Seaoil, Cleanfuel, Caltex, PTT Philippines, PetroGazz, Jetti Petroleum, Unioil and Flying V jacked up the prices of their gasoline products by P2.20 per liter and diesel by P1.40 per liter.
Likewise, kerosene prices soared by P1.30 per liter.
The Department of Energy-Oil Industry Management Bureau said the reason for the big increases was mostly driven by speculation regarding the impact of Ukraine's recent assaults on three big refineries in Russia, the reduction of Iraq crude exports, the big draw from US crude and gasoline stockpiles, and the stronger demand and economic growth of the US and China.