MANILA: On Christmas Day, oil companies announced a big-time hike in pump prices starting in the morning of Dec. 26.
In separate statements, Caltex, Cleanfuel, Jetti, Petro Gazz, Seaoil and Shell said they will increase gasoline prices by PHP1.60 per liter and PHP1.70 per liter on diesel.
Caltex, Seaoil and Shell will also increase kerosene prices by PHP1.54 per liter.
Other firms are expected to follow suit.
Shipment disruptions due to a series of attacks on ships in the Red Sea caused the increase in global oil prices, which is the highest increase since October this year.
Before the Christmas holiday weekend, both Brent and West Texas Intermediate crude increased by around 1 percent.
According to the Department of Energy, gasoline prices in Metro Manila ranged between PHP52.10 to PHP75.80 per liter, diesel prices from PHP51.14 to PHP74.10 per liter and kerosene from PHP70.30 to PHP82.10 per liter.
Source: Philippines News Agency