Big-time oil price hike on April 16

MANILA, Philippines – Prices of petroleum products will rise for the second consecutive week on Tuesday, April 16, as global developments put upward pressures on oil.

Shell and Petro Gazz will increase prices of gasoline by P1.05 per liter, while diesel will be hiked by P0.75 per liter.

Shell will also increase prices of kerosene by P0.60 per liter. Petro Gazz does not carry kerosene.

Other companies are most likely to implement the same adjustments.

The new prices will be implemented at 6 am on Tuesday.

Year-to-date adjustments stand at a net increase of P7.95 per liter for gasoline, P5.40 for diesel, and P4.05 per liter for kerosene.

The Department of Energy said increases came as crude oil prices in the international market witnessed a robust leap, hitting $70 dollar per barrel last week.

Petroleum-exporting countries also agreed to cut output to prevent excess supply from growing. –

Ralf Rivas

A sociologist by heart, a journalist by profession. Ralf is Rappler's business reporter, covering macroeconomy, government finance, companies, and agriculture.