Big-time petroleum price hike to mark 6th straight week of increases Tuesday

Motorists will have to pay at least P1.05 more per liter for petroleum products starting Tuesday, as oil firms announced another big-time hike to mark the sixth straight week of increases.

In separate advisories, Chevron Philippines Inc. (Caltex), Petron Corp., Pilipinas Shell Petroleum Corp., and Seaoil Philippines Inc. said it they will hike prices per liter of gasoline by P1.05, diesel by P1.20, and kerosene by P1.25.

Cleanfuel, Petro Gazz, Phoenix Petroleum Philippines Inc., PTT Philippines Corp., and Unioil Petroleum Philippine Inc. will implement the same changes, excluding kerosene which it does not carry.

The changes will take effect at 6 a.m. on Tuesday, February 8, except for Cleanfuel which will implement the adjustments at 4:01 p.m., and Caltex at 12:01 a.m. the same day. Other firms have yet to make similar announcements.

Latest data available from the Department of Energy indicate that year-to-date adjustments stand at a total net increase of P4.95 per liter for gasoline, P7.20 per liter for diesel, and P6.75 per liter for kerosene.

Pump prices have only been increased so far this year, following 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. — AOL/RSJ, GMA News