Gasoline prices up by P2.80/l, diesel by P1.30/l on Tuesday

Motorists will have to pay more for petroleum products this week, as oil firms announced a major price hike to mark the fourth straight week of upward adjustments for gasoline and diesel.

In separate advisories, Chevron Philippines Inc. (Caltex), Petron Corp., Pilipinas Shell Petroleum Corp. and Seaoil Philippines Corp. said they will hike prices per liter of gasoline by P2.80, diesel by P1.30, and kerosene by P0.45.

Cleanfuel, Petro Gazz, 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, January 30, for all the firms except for Cleanfuel which carry the changes at 4:01 p.m. the same day, and Caltex at 12:01 a.m. the same day.

The latest advisories are in line with projections made by the Department of Energy’s (DOE) Oil Industry Management Bureau (OIMB), citing developments in the international oil market such as the decline in the US crude stockpile, the stimulus package issued by the central bank of China, and expectations that India would become the single most important driver of oil demand growth.

Firms last week hiked prices per liter of gasoline by P1.30 and diesel by P0.95, while keeping those of kerosene unchanged.

Latest data available from the DOE indicate year-to-date net increases of P1.60 each for both gasoline and diesel, and a net decrease of P0.40 per liter for kerosene as of January 23. —KG, GMA Integrated News