Oil firms set to raise prices at pumps due to global Omicron fears

MANILA – Oil prices will increase again after six straight weeks of rollbacks after a rebound of world oil prices as fears over the Omicron variant subside.

In separate advisories, Caltex, Cleanufel, Petro Gazz, PTT Philippines, Seaoil, and Shell announced they will increase diesel prices by PHP1.35 per liter and PHP1.60 per liter for gasoline.

Caltex, Seaoil, and Shell will also increase the prices of kerosene by PHP1.20 per liter.

Other players are expected to follow suit.

Since November 2, oil firms slashed diesel prices by PHP5.40 per liter and PHP5.55 per liter for kerosene.

Gasoline prices started to go down on November 9 with a total price rollback amounting to PHP6.25 per liter.

Year-to-date adjustments of pump prices resulted in a net increase of PHP15.70 per liter for gasoline, PHP13.05 per liter for diesel, and PHP10.49 per liter for kerosene.

Meanwhile, world oil prices rebounded last week, recording the biggest weekly gain since August.

According to industry experts, negative sentiments over the new coronavirus disease 2019 strain are subsiding. (PNA)

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