Big-time oil price hike shocks consumers

Consumers are admittedly shocked by the high fuel prices that greeted the m in the first week of 2022. In separate advisories, Caltex, Cleanfuel, Petro Gazz, PTT Philippines, Seaoil, Shell, and Unioil said they will increase diesel prices by P2.40 per liter and P1.85 per liter on gasoline products.

Caltex, Seaoil, and Shell will also hike kerosene prices by PHP1.85 per liter. Local oil prices ended 2021 with a net hike of P17.10 per liter for gasoline compared to 2020’s closing, P13.75 per liter increase for diesel, while kerosene is higher by P10.84 per liter from the previous year.

Oil prices increased in the world market in the first week of trading this 2022, ahead of the meeting of the Organization of Petroleum Exporting Countries and its allies (OPEC+) later this week.

Oil prices remain afloat despite the Covid-19 surges worldwide due to the Omicron variant after Libya announced to cut its production by 200,000 barrels a day for a week.

OPEC+, on the other hand, is expected to stick with its planned output of 400,000 barrels per day.