Oil firms open 2023 with major pump price hikes

Motorists will have to pay more for petroleum products this week, as oil firms announced another round of major hikes to mark the third straight week of increases for gasoline and kerosene.

In separate advisories, Chevron Philippines Inc. (Caltex), Flying V, Petron Corp., Pilipinas Shell Petroleum Corp., and Seaoil Philippines Corp. said they will hike prices per liter of gasoline by P2.90, diesel by P2.10, and kerosene by P3.05.

Cleanfuel, and Petro Gazz will implement the same changes, excluding kerosene which they do not carry.

The changes will take effect at 6 a.m. on Tuesday, January 3, for all the firms except for Cleanfuel which will adjust prices at 4:01 p.m. and Caltex at 12:01 a.m. the same day.

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

Latest data available from the Department of Energy (DOE) indicate that year-to-date total adjustments stood at a net increase of P13.95 per liter for gasoline, P27.50 per liter for diesel, and P20.80 per liter for kerosene as of December 20, 2022. — RSJ, GMA Integrated News