• CHERYL G. CRUZ
The second straight week of oil price increases will take effect today, Feb. 25.
Oil companies announced Feb. 24 that prices of diesel will increase by P0.40 per liter, gasoline by P0.70/L, and kerosene by P0.20 /L.
Effective Feb. 18, oil companies also implemented an increase of P0.80/liter for gasoline and diesel, and P0.10/liter for kerosene.
The Department of Energy Oil Monitor showed that week-on-week price of Dubai crude has increased by around $0.18 per barrel, while international prices of gasoline, diesel, and kerosene have also increased by about $1.30, $0.85, $0.36 per barrel, respectively.
The price adjustments were due to continuing geopolitical tensions as US President Donald Trump threatened to call off the Israel-Hamas ceasefire deal, among others, the DOE said.
Since the start of this year, gasoline logged a total net increase of P4.05/liter, diesel at P4.35/liter, and kerosene at P2.70/liter. | CGC
