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Oil price hike to take effect this week

MANILA, Philippines — Fuel companies are set to increase petroleum prices beginning Tuesday.

In separate advisories, Shell, SeaOil, CleanFuel and Caltex announced a P0.95 per liter price hike on gasoline. PetroGazz, Jetti, Unioil and PTT will also implement the same price adjustments on gasoline.

Diesel prices for all petroleum companies will also increase by P1.30 per liter. The price change ends the three-week consecutive rollbacks for diesel.

Meanwhile, kerosene prices will increase by P1.25 per liter. 

On Friday, the Department of Energy said that the increase was due to the depletion of crude oil stockpiles in the United States.

According to the DOE's October 17 data, price changes led to a year-to-date per-liter increase of P12.80 for gasoline, P10.40 for diesel, and P4.99 for kerosene.