Fuel price hike: P2.90 for gas, P2.10 for diesel

MANILA, Philippines — Oil firms are implementing a hefty price hike in pump prices today.

In separate advisories yesterday, oil companies said they would increase gasoline prices by P2.90 per liter, diesel by P2.10 and kerosene by P3.05 per liter.

The price increase will take effect at 6 a.m. today for most companies, except for Caltex, which implemented the adjustments at 12:01 a.m., and Cleanfuel, which will implement it at 4:01 p.m.

This week’s price adjustments, which reflect the movement in the international oil market, mark the third straight week of increases for gasoline and kerosene, while diesel came from a minimal rollback last week.

A mixed movement in fuel prices was implemented by oil firms last Tuesday, with gasoline and kerosene prices rising by P0.95 per liter and P0.50 per liter, respectively, while the price of diesel was reduced by P0.20 per liter.

These resulted in year-to-date net increase of P14.90 per liter for gasoline, P27.30 per liter for diesel and P21.30 per liter for kerosene, based on data from the Department of Energy.