Big-time petroleum price hike set Tuesday

Oil firms are set to implement another big-time hike in pump prices of petroleum products, marking the third straight week of increases.

In separate advisories, Chevron Philippines Inc. (Caltex), Flying V, Petron Corp., Pilipinas Shell Petroleum Corp., and Seaoil Philippines Inc. said they will hike prices per liter of gasoline by P0.90, diesel by P0.80, and kerosene by P2.30.

Cleanfuel, Petro Gazz, PTT Philippines Corp., and Unioil Petroleum Philippines Inc. will implement the same changes, excluding kerosene which they do not carry.

The changes will take effect at 6 a.m. on Tuesday, January 18, for all the firms except for Cleanfuel which will adjust prices at 4:01 p.m. and Caltex at 12:01 a.m. the same day. Other firms have yet to make similar announcements for the week.

Latest data from the Department of Energy indicate that year-to-date adjustments stand at a total net increase of P2.60 per liter for gasoline, P3.50 per liter for diesel, and P2.74 per liter for kerosene as of January 11, 2022.

This follows a net increase of P17.65 per liter for gasoline, P14.30 per liter for diesel, and P11.54 per liter for kerosene in 2021. —KG/AOL, GMA News