Another big-time fuel price hike set Tuesday; diesel up by P4/liter

Motorists will have to tighten their belts again as fuel prices are set to be adjusted upwards anew on Tuesday, marking the fourth straight week of hikes for gasoline, and the fifth 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 increase prices per liter of gasoline by P0.50, diesel by P4.00, and kerosene by P2.75.

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, August 8, 2023, 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.

The Department of Energy’s Oil Industry Management Bureau (DOE-OMB) last week projected a big-time upward adjustment in diesel and kerosene, following the announcement of a production cut in Saudi Arabia.

This comes after firms last week already increased prices per liter of gasoline by P2.10, diesel by P3.50, and kerosene by P3.25.

Latest data available from the DOE indicate a net increase of P11.00 per liter for gasoline and P3.10 per liter for diesel, and a net decrease of P0.10 per liter for kerosene as of August 1, 2023. —KBK/RSJ, GMA Integrated News