Oil companies will have a new round of oil price hikes on Tuesday, January 16.

This marks the second straight week that oil prices will be imposed by oil firms.

In separate advisories, Caltex, Cleanfuel, Jetti, Petro Gazz, Seaoil, Shell, and Unioil announced their increase in petroleum products an increase in the per liter of diesel will be at P0.90 while P0.30 per liter for gasoline.

Meanwhile, Caltex, Seaoil, and Shell will implement the same increases and include kerosene prices by P0.90 per liter.

Meanwhile, as the price adjustments last week, gasoline prices were still lower by P0.15 per liter and diesel prices lower by P1.20 per liter.

This is compared to their last prices in 2023.

Kerosene prices on the other hand said that there is net increase of PHP0.10 per liter.

The tensions in the Middle East have sent global oil prices sharply last Friday.

As of writing, West Texas Intermediate and Brent crude prices were trading at USD72.73 and USD78.43, higher by 0.07 and 0.18 percent.