Diesel prices up by P1.70, gas by P1.20
MANILA, Philippines — Motorists can expect an increase of as much as P1.70 per liter at the pump starting today, following two rounds of price cuts.
In separate advisories, Shell, Caltex and Seaoil announced price hikes of P1.70 per liter for diesel and P1.20 per liter for gasoline and kerosene.
Petro Gazz, Cleanfuel, PTT Philippines and Jetti would implement the same adjustments, except for kerosene, which they do not offer.
Oil prices surged after the US and China agreed to a temporary cut on reciprocal tariffs on most imported goods, according to the Department of Energy.
Among other factors cited for the hike were the US sanctions on nearly 24 companies involved in Iran’s global oil trade, as well as the expected slowdown in OPEC’s oil supply growth this year.
The latest adjustments bring the year-to-date net increases for gasoline and diesel prices to P4 and P3.80 per liter, respectively. Kerosene prices, on the other hand, have declined by P2.05 per liter since January.
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