(Photo by Dexter Terante)
Based on the announcement, primary petroleum dealers such as Pilipinas Shell, Petron, and Caltex will implement an increase of P0.45 per liter for gasoline, P0.90 per liter for diesel, and P0.30 per liter for kerosene.
Some minor oil players such as Clenfuel and Petro Gazz will only raise the prices of gasoline and diesel, but not kerosene.
The Department of Energy stated that the increase in oil product prices is still due to the war between Israel and Lebanon, which has caused uncertainty in oil supply and is pushing up its price in the world market.
China's release of a stimulus package to boost their economy has also affected the price increase.
Furthermore, the decline in the United States' oil inventory also triggered the rise in the oil price in the global market.
