MANILA, Philippines — Another round of fuel price hikes takes effect today, with diesel again posting the steepest price adjustment at 40 centavos per liter.
Today’s price hikes – minimal compared to previous weeks’ increases – were again largely triggered by rising global crude cost and partly by the higher fuel excise tax under the second tranche of the Tax Reform for Acceleration and Inclusion law.
Oil companies announced more than 1,600 gas stations would implement the price increase – 10 centavos per liter for gasoline and 15 centavos per liter for kerosene.
This was the third consecutive week of fuel price increase and the third for the year.
Base on its text advisory yesterday, Caltex Philippines’ price increase took effect a minute after midnight.
Flying V, Phoenix Petroleum Philippines Inc., Pilipinas Shell Petroleum Corp., PTT Philippines Corp., Seaoil Philippines Inc. and Total Philippines Corp. said their respective price adjustments took effect 6 a.m.
Petron Corp. and UniOil Petroleum Philippines Inc. made no announcement of price changes yesterday.
Based on monitoring by the Department of Energy, this week’s higher fuel prices were an offshoot of the production cut by the Organization of the Petroleum Exporting Countries and non-OPEC allies.