Gasoline prices have increased by Php 0.45 per liter, diesel by Php 0.030, and kerosene by Php 0.40. In separate advisories, the oil price hike has taken effect at 6am today, January 05. This is according to Petro Gazz, Petron Corp., Pilipinas Shell Petroleum Corp. and Seaoil Philippines. Unioil implemented the increase at 6:01am while Cleanfuel will take effect 4:01pm. Read more: Oil price hike on first week of 2021, an article by PhilStar.
“In the last trading week of 2020, global oil prices rose, pushed by optimism over COVID-19 vaccine rollouts and recovery in fuel demand, Reuters reported. For the whole of 2020, crude prices lost 20 percent of their value, bottoming out in April, as fuel demand collapsed due to the COVID-19 pandemic and after a price war between oil giants Saudi Arabia and Russia, Reuters reported,” an excerpt from an article by PhilStar