Gasoline up P1.40/liter; diesel and kerosene by P6.10/liter Tuesday

Motorists will be greeted with heftier pump prices on Tuesday, as oil firms announced another major hike to mark the second 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 increase prices per liter of gasoline by P1.40, diesel by P6.10, and kerosene by P6.10.

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

The changes will take effect at 6 a.m. on Tuesday, August 30, for all the firms except for Caltex which will implement it at 12:01 a.m. and Cleanfuel at 8:01 a.m. the same day.

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

This is the second straight week that oil firms will implement a major increase, after firms hiked prices per liter of gasoline by P0.70, diesel by P2.60, and kerosene by P2.80 last week.

Department of Energy-Oil Industry Management Bureau Director Rino Abad earlier said prices may move higher due to the movement in the world market amid higher demand in the United States and Europe.

Latest data available from the Department of Energy (DOE) indicate that year-to-date adjustments stood at a net increase of P18.15 per liter for gasoline, P31.70 per liter for diesel, and P27.10 per liter for kerosene as of August 23, 2022. — RSJ/KBK/AOL, GMA News