Oil firms hike prices at start of 2022
Fuel prices in the Philippines increased significantly at the start of 2022.
Seven oil companies announced a PHP2.40 per liter increase for diesel and a PHP1.85 per liter increase for gasoline.
Caltex, Seaoil, and Shell also raised kerosene prices by PHP1.85 per liter.
Local oil prices saw a net increase of PHP17.10 per liter for gasoline, PHP13.75 per liter for diesel, and PHP10.84 per liter for kerosene compared to 2020.
The price hikes were influenced by global market trends and Libya's decision to cut production.
This story was generated by AI to help you understand the key points. For more detailed coverage, please see the news articles from trusted media outlets below.