Manila, Philippines – Oil companies have announced on Christmas day of a big-time hike in fuel prices starting December 26 morning.
A report from the Philippine News Agency quoted Caltex, Cleanfuel, Jetti, Petro Gazz, Seaoil and Shell as saying in separate statements they will increase gasoline prices by PHP1.60 per liter and PHP1.70 per liter on diesel.
The report added that other companies are expected to follow suit.
Department of Energy data showed that gasoline prices in Metro Manila ranged between PHP52.10 to PHP75.80 per liter, diesel prices from PHP51.14 to PHP74.10 per liter and kerosene from PHP70.30 to PHP82.10 per liter.
A series of attacks on ships in the Red sea has caused shipment disruptions leading to the the increase in global oil prices, which is the highest increase since October this year.
Before the Christmas holiday weekend, both Brent and West Texas Intermediate crude increased by around 1 percent. (Marlon Luistro)
