Gasoline prices up for 6th straight week; diesel and kerosene for 7th

Motorists will have to pay more for fuel products this week, as firms are set to implement another hike to mark the sixth straight week of upward adjustments for gasoline, and the seventh 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 would hike prices per liter of gasoline by P1.10, diesel by P0.20, and kerosene by P0.70.

Cleanfuel, PetroGazz, 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 22, 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.

The Department of Energy’s (DOE) Oil Industry Management Bureau (OIMB) last week projected mixed movements — increases for gasoline and kerosene, and no movement or a rollback for diesel due to factors such as the economic slowdown in China, signs of a resurgent inflation in the US, and a bigger-than-expected draw in US inventories.

Firms last week hiked prices per liter of gasoline by P1.90, diesel by P1.50, and kerosene by P2.50.

Latest data available from the Department of Energy (DOE) indicate year-to-date net increases of P13.40 per liter for gasoline, P8.60 per liter for diesel, and P5.14 per liter for kerosene as of August 15, 2023.—AOL, GMA Integrated News