Oil firms are set to implement a major hike in the prices of petroleum products effective today, marking the second straight week of increases in the country.
Caltex, Cleanfuel, Petron, Seaoil, and Shell will hike gasoline prices by P2.80 per liter and diesel by P2.25 per liter.
Caltex, Petron, Seaoil, and Shell will also increase kerosene prices by P2.40 per liter.
The price adjustments this week tracked the movement in the global market, turning bullish on oil demand from China.
Industry experts are expecting that the easing of coronavirus disease 2019 (COVID-19) restrictions in China will boost oil demand and prices.
Oil firms last week increased prices per liter of gasoline by P0.95, diesel by P0.50, and kerosene by P0.15.
As of this writing, West Texas Intermediate (WTI) was trading at USD81.34 per barrel and Brent crude at USD87.30 per barrel.
WTI was selling below USD80 per barrel, while Brent was trading below the USD85 level last week.
Dubai crude ended its trading last week higher at USD81 per barrel from USD80 on Jan. 13. (PNA)/PN
