MANILA, Philippines — Several oil firms on Monday announced an increase in fuel prices set to take effect on Tuesday, November 26.
In separate advisories on Monday, Shell Pilipinas, Caltex, PetroGazz, Seaoil, and Cleanfuel said diesel and gasoline prices will increase by P1.10 and P1.15 per liter, respectively.
The price of kerosene per liter, meantime, will increase by P0.80 per liter for Shell Pilipinas, Seaoil, and Caltex.
The price adjustments will take effect at 6 a.m. on Tuesday, November 26, for Shell Pilipinas, Caltex, PetroGazz, and Seaoil.
Meanwhile, Cleanfuel will implement the price hike at 4:01 p.m. on the same day.
According to Rodela Romero, Director of the Department of Energy Oil Industry Management Bureau, the fuel price increase is primarily driven by escalating geopolitical tensions, particularly the ongoing situation involving Russia.
“Russia’s oil refinery business is at risk of plant closure amid heavy losses [and] lower production,” Romero told INQUIRER.net on Sunday.
She added that the oil production outage in Norway has contributed to the change in local petroleum product prices.
Local oil firms implemented rollback during the previous week, cutting the price of gasoline by P0.85 per liter, diesel by P0.75 per liter, and kerosene by P0.90 per liter.