Second straight big-time pump price hike set Tuesday

Motorists will have to tighten their belts this week, as oil firms are set to hike pump prices of fuel products by over P1 per liter on Tuesday to mark the second straight week of upward adjustments.

In separate advisories, Chevron Philippines Inc. (Caltex), Petron Corp., Seaoil Philippines Corp. and Shell Pilipinas Corp. said they will increase prices per liter of gasoline by P1.40, diesel by P1.75, 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 changes will take effect at 6 a.m. on Tuesday, June 25, 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 are in line with a big-time pump price hike projected by the Department of Energy’s Oil Industry Management Bureau (DOE-OIMB), citing continued geopolitical tensions and supply risks.

Firms last week hiked prices per liter of gasoline by P0.85, diesel by P1.75, and kerosene by P1.90.

This brought year-to-date adjustments at a net increase of P6.90 per liter for gasoline, P6.00 per liter for diesel, and P0.35 per liter for kerosene as of June 18, 2024.—AOL/RF, GMA Integrated News