Gasoline, diesel, kerosene prices up for 4th straight week Tuesday

Motorists will have to pay more for petroleum products this week, as firms on Monday announced another round of increases to mark the fourth straight week of upward adjustments.

In separate advisories, Chevron Philippines Inc. (Caltex), Petron Corp., Seaoil Philippines Corp. and Shell Pilipinas Corp. said they will increase prices per liter of gasoline by P1.60, diesel by P0.65, and kerosene by P0.60.

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, July 9, for all the firms 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 latest announcements are in line with projections made by the Department of Energy’s (DOE) Oil Industry Management Bureau (OIMB), citing geopolitical tensions in the Middle East, unexpectedly large withdrawals in the United States, and optimistic forecasts for summer fuel demand.

Firms last week hiked prices per liter of gasoline by P0.95, diesel by P0.65, and kerosene by P0.35.

Year-to-date adjustments stood at a net increase of P9.25 per liter for gasoline, P8.40 per liter for diesel, and P1.75 per liter for kerosene as of July 2, 2024.  —KBK/RSJ, GMA Integrated News