Gasoline pump prices up, diesel and kerosene down Tuesday

Fuel retailers are set to hike prices of gasoline while rolling back pump prices of diesel and kerosene for the second straight week on Tuesday, but this will still not be enough to offset hikes implemented throughout the year so far.

In separate advisories, Chevron Philippines Inc. (Caltex), Flying V, Petron Corp., Pilipinas Shell Petroleum Corp. and Seaoil Philippines Corp. said they will hike prices per liter of gasoline by P0.50, while lowering those of diesel by P0.40, and kerosene by P0.35.

Cleanfuel, Petro Gazz, 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, March 5, for all the firms except for Cleanfuel which will implement the changes at 4:01 p.m. the same day.

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

The latest advisories are in line with projections made by the Department of Energy’s (DOE) Oil Industry Management Bureau, citing higher inventories in the United States, signals of a Gaza ceasefire, and the postponed reduction in interest rates.

Firms last week lowered prices per liter of gasoline by P0.70, diesel by P0.95, and kerosene by P1.10.

This brought year-to-date adjustments at a net increase of P5.45 per liter for gasoline, P4.45 per liter for diesel, and P0.40 per liter for kerosene as of February 27, 2024.—AOL, GMA Integrated News