Big time pump price hike set Tuesday

Motorists will be greeted with heftier prices of fuel products this week, after three straight weeks of rollbacks for gasoline and five for both diesel and kerosene.

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 P1.00, diesel by P1.20, and kerosene by P1.00.

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, August 20, for all the firms except for Cleanfuel which will hike prices at 4:01 p.m. the same day.

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

The latest announcements are in line with projections made by the Department of Energy-Oil Industry Management Bureau (DOE-OIMB), citing fears of escalating tensions in the Middle East and the easing of US monetary policy, among others.

Firms last week cut prices per liter of gasoline by P2.45, diesel by P1.90, and kerosene by P2.40.

This brought year-to-date adjustments to a net increase of P7.05 per liter for gasoline and P4.75 per liter for diesel, and a net decrease of P3.15 per liter for kerosene as of August 13, 2024. —KG/RSJ, GMA Integrated News