Oil prices up for 2nd straight month

MANILA – Oil companies will implement another round of big-time hikes on their pump prices starting Tuesday morning.

In separate statements, Caltex, Cleanfuel, Petro Gazz, PTT Philippines, Seaoil, and Shell will raise diesel prices by PHP1.50 per liter and gasoline by PHP1.80 per liter.

Caltex, Seaoil, and Shell will also hike gasoline prices by PHP1.30 per liter.

This will be the third week that pump prices have gone up by more than PHP1 per liter.

Local players have been increasing fuel prices for eight weeks in a row.

In the past two months, including the price hike this Tuesday, local prices of diesel have increased by PHP8.65, gasoline by PHP7.20, and kerosene by PHP8.05.

“Dubai crude has increased week-on-week by around USD3 per barrel. MOPS (Mean of Platts Singapore) gasoline and MOPS diesel have also increased by almost USD4 per barrel and USD 4.40 per barrel, respectively,” the Department of Energy’s (DOE) oil bulletin said.

DOE Assistant Secretary Gerardo Erguiza Jr. earlier said the oil price hike is mostly affecting the transport sector and has minimal impact on power rates.

The government is also eyeing to help the affected sectors through subsidies.