Major pump price hike set Tuesday

Motorists will have to pay more for petroleum products this week, as oil firms are set to implement a major price hike on Tuesday which would offset all the rollbacks implemented in the previous week.

In an advisory, Chevron Philippines Inc. (Caltex), Flying V, Petron Corp., Seaoil Philippines Corp., and Shell Pilipinas Corp. said they will hike prices per liter of gasoline by P0.85, diesel by P1.75, and kerosene by P1.90.

Cleanfuel, Petro Gazz, PTT Philippines Corp., and Unioil Petroleum Philippines Inc. will implement the same adjustments, excluding kerosene which it does not carry.

The changes will take effect at 6 a.m. on Tuesday, June 18, for all the firms except for Cleanfuel which will adjust prices at 4:01 p.m. the same day.

Other firms have yet to make similar announcements for the week.

The adjustments will effectively offset the adjustments made last Tuesday, when firms rolled back prices per liter of gasoline by P0.60, diesel by P1.20, and kerosene by P1.30.

Year-to-date adjustments stood at a net increase of P6.05 per liter for gasoline and P4.25 per liter for diesel, and a net decrease of P1.55 per liter for kerosene as of June 11, 2024.—AOL, GMA Integrated News