Gasoline, diesel prices up by more than P1/liter; kerosene by more than P2/liter Tuesday

Oil firms are set to implement another major hike in fuel prices this week, marking the fifth straight week of upward adjustments for gasoline, and the sixth 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 P1.90, diesel by P1.50, and kerosene by P2.50.

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 adjustments will take effect at 6 a.m. on Tuesday, August 15, 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.

The Department of Energy’s (DOE) Oil Industry Management Bureau (OIMB) last week projected a major hike for gasoline, diesel, and kerosene prices due to the production cut in Saudi, the expected improvement in the US economy, and Ukraine’s threat to retaliate should Russia continue to block its ports.

This comes after firms last week hiked prices per liter of gasoline by P0.50, diesel by P4.00, and kerosene by P2.75.

Latest data available from the DOE indicate year-to-date net increases of P11.50 per liter for gasoline, P7.10 per liter for diesel, and P2.60 per liter for kerosene as of August 8, 2023. —KG/RSJ, GMA Integrated News