Oil price hike: P1.90 for gasoline; P1.50 for diesel

MANILA, Philippines — Further increases in pump prices will be implemented by oil firms today, extending the price hikes for diesel and kerosene to a sixth consecutive week, and those of gasoline to a fifth straight week.

In separate advisories yesterday, oil companies said prices would rise by P1.90 per liter for gasoline, P1.50 per liter for diesel and P2.50 per liter for kerosene.

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

The successive weeks of increases in the prices of petroleum products reflect the movement in the international oil market, which have been on the upward trend as a result of the daily oil output cut of Saudi Arabia, a major supplier of oil to Asia.

This week’s upward adjustments follow a hefty P4-per-liter price hike in diesel last week, which was accompanied by increases of P2.75 per liter for kerosene and P0.50 per liter for gasoline.

Last week’s movement resulted in year-to-date net increases of P11.50 per liter for gasoline, P7.10 per liter for diesel and P2.60 per liter for kerosene, data from the Department of Energy (DOE) showed.