Gasoline, diesel, kerosene prices up by over P1/liter Tuesday

Motorists will have to pay more for petroleum products this week, as oil firms are set to hike pump prices by more than P1 per liter following the rollback implemented last Tuesday.

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 P1.20, diesel by P1.40, and kerosene

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

The changes will take effect at 6 a.m. on Tuesday, June 13, 2023 except for Caltex which will adjust prices at 12:01 a.m., and Cleanfuel at 4:01 p.m. the same day.

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

Department of Energy - Oil Industry Management Bureau assistant director Rodela Romero last week said prices are expected to increase on the back of the announced reduction in the output target of the Organization of the Petroleum Exporting Countries and its allies.(OPEC+)

In a separate interview on Monday, Romero said that while Saudi Arabia’s announcement of the output target reduction drove prices higher, this was slightly offset by the weak economic data particularly in China, which could impact demand.

“Kumbaga na-neutralize ‘yung balitang ‘yun na hopefully, magsusunod-sunod para hindi naman magpatuloy ang pagtaas,” she said during the public briefing.

(So to speak that was neutralized and hopefully, this will be one after the other so the hikes will not be continuous.)

Firms last week lowered prices per liter of gasoline by P0.60, diesel by P0.30, and kerosene by P0.60.

Latest data available from the Department of Energy (DOE) indicate a net increase of P5.50 per liter for gasoline, and net decreases for P5.35 per liter for diesel, and P7.35 per liter for kerosene as of June 6, 2023. — RSJ/KBK, GMA Integrated News