Gasoline prices up for 8th straight week; diesel and kerosene for 9th

Motorists will have to tighten their belts even further as firms are set to implement the eighth straight week of upward adjustments for gasoline, and the ninth for both diesel and kerosene on Tuesday.

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 P0.50, diesel by P1.20, and kerosene by P1.10.

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, September 5, 2023, 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 P0.30, diesel by P0.70, and kerosene by P0.80.

The Department of Energy’s (DOE) Oil Industry Management Bureau (OIMB) earlier forecast pump price hikes this week, following China’s stimulus measure to alleviate fuel demand, Hurricane Idalia that hit production and power generation facilities in the Gulf of Mexico, and US government data indicating tighter supplies.

Latest data available from the DOE indicate year-to-date net increases of P14.80 per liter gasoline, P9.50 per liter for diesel, and P6.64 per liter for kerosene as of August 29, 2023. — RSJ/KG, GMA Integrated News