Gasoline, diesel, kerosene pump prices up by over P1/liter Tuesday

Pump prices will be hiked once again this week, as fuel retailers on Monday announced a major increase following the slight rollback implemented last week.

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 P1.10, and kerosene by P1.05.

Cleanfuel, Petro Gazz, 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, February 20, for all the firms except for Cleanfuel which will hike prices at 4:01 p.m. and Caltex at 12:01 a.m. the same day.

Other firms have yet to make similar announcements as of posting time.

The latest advisories are in line with projections made by the Department of Energy-Oil Industry Management Bureau (DOE-OIMB) last week, citing the conflict at the Lebanese border, the surge in US crude stockpiles, the disruption of shipping in the Red Sea and the Suez Canal, and the expected strong demand this year.

Firms last week lowered prices per liter of gasoline by P0.60, diesel by P0.10, and kerosene by P0.40.

Data from the DOE indicate year-to-date net increases of P4.45 per liter for gasoline, P4.30 per liter for diesel, and P0.45 per liter for kerosene as of February 13.—AOL, GMA Integrated News