Year-to-date gasoline, diesel hikes over P11/liter as of Christmas Eve

Fuel retailers hiked pump prices for the fifth straight week on Tuesday, bringing the year-to-date increases for gasoline by over P13 per liter, and those for diesel by over P11 per liter as of Christmas Eve.

Year-to-date adjustments stand at a net increase of P13.05 per liter for gasoline and P11.35 per liter for diesel, and a net decrease of P1.80 per liter as of December 24, 2024, according to GMA Integrated News Research based on data from the Department of Energy (DOE) and announcements of oil companies.

This comes as firms at 6 a.m. on Tuesday hiked prices per liter of gasoline by P0.50, diesel by P1.45, and kerosene by P0.75.

The adjustments are in line with projections made by the Department of Energy-Oil Industry Management Bureau (DOE-OIMB), due to the continuing armed conflict in the Middle East, and the production cuts by oil-producing countries.

The DOE-OIMB releases projections every Friday for the following week, while retailers announce official adjustments every Monday which take effect on the following day. — VDV, GMA Integrated News