Oil companies to raise pump prices again

Metro Manila, Philippines - Oil companies announced on Monday, Jan. 13, the second fuel price hike for the year on Tuesday.

In separate advisories, Caltex, Cleanfuel and Seaoil said per-liter prices of diesel will increase by P0.90 and gasoline by P0.80.

Caltex and Seaoil said it would raise kerosene prices by P0.80 per liter.

In a statement last week, the Department of Energy said possible price triggers are the lower production of Russia and the Organization of the Petroleum Exporting Countries, the group of leading global oil producers, in December and the strong United States economy.

Other possible factors were the cold spell in the US and Europe and the anticipated demand growth in Asia due to China’s stimulus package.