Another price hike: Gasoline by P1.10, diesel by P0.20

MANILA, Philippines — The cost of petroleum products continues to go up, with oil firms implementing another round of pump price increases today.

In separate advisories yesterday, oil companies said prices would rise by P1.10 per liter for gasoline, P0.20 per liter for diesel and P0.70 per liter for kerosene.

These extend the price increases for diesel and kerosene to a seventh consecutive week, and gasoline to a sixth straight week.

The upward 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.

This week’s adjustments reflect the movement in the international oil market, wherein prices continued to surge due to the tightening OPEC (Organization of the Petroleum Exporting Countries) supply throughout September.

Last Tuesday, oil companies implemented hefty price increases of P1.90 per liter for gasoline, P1.50 per liter for diesel and P2.50 per liter for kerosene.

The adjustments resulted in a year-to-date net increase of P13.40 per liter for gasoline, P8.60 per liter diesel and P5.14 per liter for kerosene, data from the Department of Energy (DOE) showed.

Latest data from the DOE showed that prevailing retail prices of diesel and diesel-plus products in Metro Manila for the monitoring period of Aug. 15 to 17 ranged from P58.95 to P72 per liter, and from P63.95 to P82.10 per liter, respectively.

Gasoline prices, meanwhile, ranged from P59 to P86.05 per liter, depending on the RON or research octane number of the fuel.

As for kerosene, prices monitored during the period ranged from P75.56 to P89.29 per liter.