Oil companies will implement big-time price increases today, the first working day of 2023.

Caltex, Cleanfuel, Petro Gazz, Seaoil, and Shell each announced that they would raise the price of gasoline by P2.90 per liter and the price of diesel by P2.10 per liter.

Caltex, Seaoil, and Shell will also increase kerosene prices by P3.05 per liter.

According to Shell, high freight rates pushed higher fuel prices at the start of this year.

Meanwhile, prices of liquefied petroleum gas (LPG) went down by PHP3.09 to PHP4.20 per kilogram effective Jan. 1.

This means a reduction of PHP33.99 to PHP46.20 for an 11-kilogram LPG cylinder. (PNA)