Gasoline, diesel prices up for 3rd straight week Tuesday; kerosene unchanged

Motorists will be greeted with heftier prices of petroleum products this week, as oil firms announced another round of hikes to mark the third straight week of upward adjustments.

In separate advisories, Chevron Philippines Inc. (Caltex), Flying V, Petron Corp., Pilipinas Shell Petroleum Corp., and Seaoil Philippine Corp. said they will hike prices per liter of gasoline by P1.30, and diesel by P0.95, while keeping those of kerosene unchanged.

Cleanfuel, Petro Gazz, PTT Philippines Corp., and Unioil Petroleum Philippines Inc. will implement the same changes except in kerosene, which they do not carry.

The adjustments will take effect at 6 a.m. on Tuesday, January 23, for all the firms except for Cleanfuel which will carry the changes at 4:01 p.m. and Caltex at 12:01 a.m. the same day. 

Other firms have yet to make similar announcements for the week as of posting time.

The latest movements are in line with projections made by the Department of Energy’s (DOE) Oil Industry Management Bureau, citing the escalating tension in the Middle East, and the strong demand growth expected by the Organization of Petroleum Exporting Countries over the next two years.

Firms last week hiked prices per liter of gasoline by P0.30, diesel by P0.90, and kerosene by P0.90.

Year-to-date, adjustments stood at a net increase of P0.30 per liter for gasoline and P0.65 per liter for diesel, and a net decrease of P0.40 per liter for kerosene as of January 16, 2024. —KBK, GMA Integrated News