Big-time pump price hike set Tuesday

Motorists will have to pay more for petroleum products this week, as firms on Monday announced upward adjustments of more than P2 per liter for diesel, and over P1 per liter for both gasoline and kerosene.

In separate advisories, Chevron Philippines Inc. (Caltex), Flying V, Petron Corp., Seaoil Philippines Corp., and Shell Pilipinas Corp. said they will hike the prices per liter of gasoline by P1.50, diesel by P2.10, and kerosene by P1.20.

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, November 12 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 Department of Energy-Oil Industry Management Bureau (DO-OIMB) projected upward adjustments this week, citing the impact of a storm on the United States’ output, delayed plans to increase OPEC+ production, and another interest rate cut in the US.

Firms last week rolled back prices of gasoline by P0.10, and hiked those of diesel by P0.75, and kerosene by P0.50.

This brought year-to-date adjustments to a net increase of P8.65 per liter for gasoline and P7.30 per liter for kerosene, and a net decrease of P2.60 per liter for kerosene as of November 5, 2024.—AOL, GMA Integrated News