Philippines braces for biggest oil price hike next week
Oil prices in the Philippines are set to increase significantly starting Tuesday, March 8.
Diesel prices will rise by PHP5.85 per liter and gasoline prices by PHP3.60 per liter according to Shell, Caltex, Seaoil, and CleanFuel.
Kerosene prices will also increase by PHP4.10 per liter for companies that carry it.
This marks the 10th consecutive week of rising oil prices due to global market factors such as discussions about banning Russian crude oil in the US and Europe, delays in talks with Iran, and the conflict between Russia and Ukraine.
The House of Representatives' fuel crisis ad hoc committee convened on Monday to discuss possible interventions amid these price increases.
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