OIL companies in the Philippines are set to implement a significant price increase per liter of petroleum products effective tomorrow morning, November 4.
In separate advisories, oil companies led by Pilipinas Shell, Petron Corporation, Seaoil, PTT Philippines, Total Philippines, Unioil, Petro Gazz, Caltex (CPI), and Phoenix Petroleum announced that they will increase prices by P1.70 per liter for gasoline, P2.70 per liter for diesel, and P2.10 per liter for kerosene, effective 6:00 AM tomorrow. CleanFuel will also implement a similar price hike for the aforementioned petroleum products, effective 4:01 PM tomorrow.
The oil price hike is attributed to potential US sanctions on Russian oil companies related to the war in Ukraine and decreased US investment in crude oil due to stronger refinery demand.
Just last Tuesday, days before the Undas holiday, oil companies implemented a significant price increase of P1.20 per liter for gasoline, P2.00 per liter for diesel, and P1.70 per liter for kerosene.
