Metro Manila, Philippines – Oil companies will implement a big-time fuel price hike on Tuesday, Jan. 21, the third-straight week of increase, over global market jitters.
In separate advisories, Caltex, Cleanfuel, and Seaoil said gasoline prices will go up by P1.65 per liter and diesel by P2.70 per liter.
Caltex and Seaoil said per-liter prices of kerosene will adjust upward by P2.50.
The Department of Energy (DOE) earlier attributed this week’s adjustment to the new round of sanctions of the United States and the United Kingdom on Russian oil.
“This will result [in] a reduction of Russian exports thereby could push global crude prices higher in the near term, as the market adjusts to the loss of supply from one of the world’s largest oil producers,” Rodela Romero, DOE’s Oil Industry Management Bureau assistant director, previously said. “Likewise, there would be potential increases in shipping cost.”
