Big-time fuel price hike set Tuesday: P3.50 per liter for diesel, P2.10 for gas

Firms are set to implement a major pump price hike on Tuesday, marking the third straight week of increases for gasoline, and the fourth for both diesel and kerosene.

In separate advisories, Chevron Philippines Inc. (Caltex), Petron Corp., Pilipinas Shell Petroleum Corp., and Seaoil Philippines Corp. said they will hike prices per liter of gasoline by P2.10, diesel by P3.50, and kerosene by P3.25.

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

The changes will take effect at 6 a.m. on Tuesday, August 1, for all the firms 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.

Firms last week hiked prices per liter of gasoline by P1.35, diesel by P0.45, and kerosene by P0.35.

The Department of Energy’s (DOE) Oil Industry Management Bureau earlier projected a big-time increase this week, citing the movement in international prices amid expectations of tightening supplies in the US, and potential declines in US shale oil production.

Latest data available from the DOE indicate a net increase of P8.90 per liter for gasoline, and net decreases of P0.40 per liter for diesel, and P3.35 per liter for kerosene this year. —KG/RSJ, GMA Integrated News