Gasoline up by P0.80, diesel by P3.10 in third straight week of hikes

Motorists will again have to pay more for petroleum products this week, as oil firms are set to implement increases for the third straight week.

In separate advisories, Pilipinas Shell Petroleum Corp. and Seaoil Philippines Inc. said they will hike prices per liter of gasoline by P0.80, diesel by P3.10, and kerosene by P1.70.

Cleanfuel will implement the same changes, excluding kerosene which it does not carry.

The changes will take effect at 6 a.m. on Tuesday, June 21, for the firms except for Cleanfuel, which will adjust prices at 8:01 a.m. the same day.

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

The latest increase follows two straight weeks of major increases — gasoline by P2.15 per liter and diesel by P4.30 per liter on June 14; and gasoline by P2.70 per liter and diesel by P6.55 on June 7.

Department of Energy - Oil Industry Management Bureau Director Rino Abad over the weekend attributed the softer increase to the lockdown in China, but noted that the European Union’s ban on Russian imports continues to drive prices higher.

The latest data available from the Department of Energy indicate that the year-to-date adjustments stand at a net increase of P28.70 per liter for gasoline, P41.15 per liter for diesel, and kerosene by P4.85 per liter as of June 14, 2022.

The Land Transportation Franchising and Regulatory Board (LTFRB) earlier this month said it is set to roll out the second tranche of the P5-billion fuel subsidy program for drivers of public utility vehicles late this month or early July. —KBK, GMA News