Big-time pump price hike set Tuesday

Motorists will have to pay more for petroleum products this week, as oil firms are set to implement a major price hike starting Tuesday to mark the second straight week of upward adjustments for gasoline.

In separate advisories, Chevron Philippines Inc. (Caltex), Pilipinas Shell Petroleum Corp. and Seaoil Philippines Corp. said they will hike prices per liter of gasoline by P2.20, diesel by P1.40, and kerosene by P1.30.

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, March 26, 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 as of posting time.

The latest announcements are in line with projections made by the Department of Energy - Oil Industry Management Bureau (DOE-OIMB), following speculation surrounding the impact of Ukraine’s recent assaults on Russia's big three refineries, the reduction of Iraq crude exports, and the big draw from American crude and gasoline stockpiles, among others.

Firms last week hiked prices per liter of gasoline by P0.10, while slashing those of diesel by P0.10.

This brought year-to-date adjustments at a net increase of P5.55 per liter for gasoline, P3.70 per liter for gasoline, and a net decrease of P0.25 per liter for kerosene as of March 19, 2024.  —KBK/AOL, GMA Integrated News