Local Fuel Prices Take a Huge Upward Spike as Global Oil Prices Increase

They've been spiking up for two consecutive weeks now, and it looks like there's no stopping local gas prices from taking more money out of car owners' wallets for the third consecutive week now.

And yes, we need to blame most of it to those nasty rising fuel prices in the global market--again.

Really, hell hath no fury than oil exporting companies scorned.

According to the Department of Energy (DOE), a surplus in oil production in the last three months of 2018 have led oil-producing countries to cut back on production by around 1.2 million barrels per day. This, together with Saudi Arabia's planned oil production cuts, political unrest in South American countries, and the U.S.' penalty on Venezuela's national oil company have prompted oil prices to rise consecutively over the past few weeks.

So hold on to your wallets, folks. Here are the price adjustments in petroleum products as of this Tuesday, February 26 according to CNN:

Shell

VPN+ Racing97, VPN+95, FuelSave91: +₱1.45/L

VPN+ Diesel, FS Diesel: +₱1.45/L

Kerosene: +₱1.35/L

Petro Gazz

Diesel: +₱1.45/L

Gasoline: +₱1.45/L

SEAOIL

Diesel: +₱1.45/L

Gasoline: +₱1.45/L

Kerosene: +₱1.35/L

TOTAL

Diesel: +₱1.45/L

Gasoline: +₱1.45/L

Flying V

Diesel: +₱1.45/L

Gasoline: +₱1.45/L

Kerosene: +₱1.35/L

Shell

Diesel: +₱1.45/L

Gasoline: +₱1.45/L

Kerosene: +₱1.35/L

PTT Philippines

Diesel: +₱1.45/

Gasoline: +₱1.45/L

Generally, you should expect the prices of diesel and gasoline to go up by P1.45 per liter and kerosene by P1.35 per liter.

DOE is urging the public to be "conscious of their energy and fuel usage as world oil prices are steadily climbing to high levels due to economic and geopolitical factors. " So, yes, now is the time to save up on your fuel (fast).