Gasoline and diesel price hike set Tuesday

Motorists will have to pay more for fuel products starting Tuesday, as retailers announced a price hike for both gasoline and diesel after two straight weeks of rollbacks.

In separate advisories, Cleanfuel, Petro Gazz, Seaoil Philippines Corp., and Shell Pilipinas Corp. said they will increase prices per liter of gasoline by P1.10, and diesel by P0.20.

There will be no adjustments in the price of kerosene.

The changes will take effect at 6 a.m. on Tuesday, September 24, 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 Department of Energy-Oil Industry Management Bureau (DOE-OIMB) earlier projected an increase for gasoline and no adjustment or an increase for both diesel and kerosene, citing the interest rate cut in the United States, tensions in the Middle East, and the maintenance of the Japan refinery and the removal of Malaysia’s subsidies for gasoline with an octane grade of 95.

Firms last week rolled back prices per liter of gasoline by P1.00, diesel by P1.30, and kerosene by P1.65.

This brought year-to-date adjustments to a net increase of P4.85 per liter for gasoline and P1.75 per liter for diesel, and a net decrease of P6.35 per liter for kerosene as of September 17, 2024. —AOL, GMA Integrated News