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Hefty oil price hike set today

MANILA, February 20 ------ Big-time oil price hikes will greet consumers as companies will increase pump prices by more than PHP1 per liter. In separate advisories, Caltex, Cleanfuel, Jetti, Petro Gazz, PTT, Seaoil and Shell said they will hike gasoline prices by PHP1.60 per liter and diesel by PHP1.10 per liter. Caltex, Seaoil and Shell will also increase kerosene prices by PHP1.05 per liter. Other oil firms are expected to follow suit. 


Last week, oil firms gave minimal price rollbacks of PHP0.10 to PHP0.60 per liter after five straight weeks of price increments. With the price adjustments in the previous week, year-to-date increase in gasoline stood at PHP4.94 per liter, PHP3.30 per liter for diesel, and PHP1.85 per liter for kerosene. 


Based on Department of Energy’s data, gasoline prices in Metro Manila range from PHP55.60 to PHP80.53 per liter; diesel, from PHP53.77 to PHP83.46 per liter; and kerosene, from PHP72.49 to PHP83.84 per liter. According industry experts, the global oil market’s reaction to the Middle East tensions has moderated as they have seen that disruptions are minimal. 


Global oil price benchmarks Brent crude and West Texas Intermediate (WTI) closed at higher prices last Friday, gaining by 61 cents to USD83.47 per barrel and by USD1.16 to USD79.19 per barrel, respectively. 




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