Gas, diesel prices up this Christmas week

MANILA, Philippines — Motorists should brace for a fuel price increase of as much as P1.45 per liter today, just before Christmas.

In separate advisories, Shell, Caltex and Seaoil announced an upward adjustment of P0.50 per liter for gasoline, P1.45 per liter for diesel and P0.75 per liter for kerosene.

PetroGazz, Cleanfuel, PTT Philippines and Jetti will apply the same price movements, except for kerosene, which they do not offer.

These latest adjustments mark the fifth straight week of hikes for gasoline and a two-week uptrend for diesel and kerosene.

The Department of Energy attributed the price hikes to the strengthening of the US dollar against the peso and other currencies, as well as the drop in US crude stocks.

The US Federal Reserve likewise cut the benchmark interest rate by another 25 basis points last week, signaling optimism on economic growth and oil demand.

Also contributing to the price movements were the tighter diesel and gasoline supplies in Asia due to limited exports from China and South Korea.

Once these adjustments take effect, the year-to-date net increase for gasoline and diesel stands at P13.05 and P11.30 per liter, respectively.

Kerosene, on the other hand, has declined by P1.80 per liter since the start of the year.

Last week, oil companies hiked gasoline and diesel by P0.80 per liter and kerosene by P0.10 per liter.