Gasoline prices up for 2nd straight week Tuesday, diesel and kerosene for 3rd

Pump prices of petroleum products will be hiked anew on Tuesday, marking the second straight week of increases for gasoline and the third for both diesel 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 P1.35, diesel by P0.45, and kerosene by P0.35.

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

The changes will take effect at 6 a.m. on Tuesday, July 25, for all the firms except for Cleanfuel, which will adjust prices at 4:01 p.m., and Caltex at 12:01 a.m. on the same day.

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

Firms last week implemented a major pump price hike — gasoline by P1.90, diesel by P2.10, and kerosene by P1.80.

The Department of Energy’s (DOE) Oil Industry Management Bureau earlier said gasoline prices were expected to increase, while diesel prices were expected to decrease on the back of production cuts by Saudi Arabia and Russia, weaker than expected Chinese economic growth, and US crude supply tightening.

Latest data available from the DOE indicate a year-to-date net increase of P7.55 per liter for gasoline, and net decreases of P0.85 per liter for diesel and P3.70 per liter for kerosene as of July 18, 2023. —KBK/RSJ, GMA Integrated News