Gasoline, diesel, kerosene prices up by more than P1/liter on last week of 2023

Motorists will have to pay more for petroleum products this week, as firms announced upward adjustments on Christmas Day to mark the second straight week of hikes for diesel.

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 P1.60, diesel by P1.70, and kerosene by P1.54.

Cleanfuel, Petro Gazz, Phoenix Petroleum Phjilippines Inc., and UInioil 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, Dec. 26, 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 (DOE) Oil Industry Management Bureau (OIMB) earlier predicted a big-time price hike for the week, citing the growing avoidance of the Red Sea by oil companies and tanker owners due to the attacks on vessels by rebels in the area.

Latest data available from the DOE indicate a year-to-date increase of P11.00 per liter for gasoline and P3.95 per liter for diesel, and a net decrease of P0.31 per liter for kerosene as of Dec. 19, 2023.

Firms last week hiked prices per liter of diesel by P0.10, while rolling back those of kerosene by P0.75. There were no changes for gasoline.—AOL, GMA Integrated News