Major pump price hike set Tuesday, P6.85/liter for diesel

Motorists will have to pay more for petroleum products this week, as oil firms on Monday announced a major hike in pump prices after two straight weeks of rollbacks for gasoline and five for diesel and kerosene.

In an advisory, Pilipinas Shell Petroleum Corp. said it will hike prices per liter of gasoline by P1.20, diesel by P6.85, and kerosene by P3.50.

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

The changes will take effect at 6 a.m. on Tuesday, October 11, 2022, for all 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.

Oil Industry Management Bureau Director Rino Abad earlier cited the decision of the Organization of Petroleum Exporting Countries (OPEC) to cut oil production by 2 million barrels, given the decline in oil prices following interest rate hikes in the United States.

Latest data available from the Department of Energy show that year-to-date total adjustments stood at a net increase of P14.45 per liter for gasoline, P28.95 per liter for diesel, and P23.25 per liter for kerosene as of October 4, 2022. —KG, GMA News