Gasoline and diesel prices up by P4.20 each, kerosene by P5.85 Tuesday

Local firms will implement a major price hike on pump prices of petroleum products this week, following the slight rollback implemented last Tuesday.

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 and diesel by P4.20, and kerosene by P5.85.

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

The changes will take effect at 6 a.m. on Tuesday, May 10, except for Cleanfuel which will implement the adjustments at 8:01 a.m. and Caltex at 12:01 a.m. the same day.

Other firms have yet to make similar announcements for the week.

Firms last week cut down prices per liter of gasoline by P0.65, diesel by P1.15, and kerosene by P1.15. These were equivalent to less than 10% of the prevailing year-to-date increases.

Domestic pump prices have been on an uptrend in 13 out of the past 17 weeks, which the Department of Energy (DOE) has attributed to the ongoing conflict between Russia and Ukraine, along with the easing of COVID-19 restrictions across the globe which have boosted demand.

Latest data available from the DOE show that year-to-date adjustments stand at a net increase of P17.80 per liter for gasoline, P30.30 per liter for diesel, and P23.90 per liter for kerosene as of May 3, 2022.—AOL/BM, GMA News