Big time pump price hike set Tuesday

Motorists will face higher fuel prices this week, following three consecutive weeks of price reductions for gasoline and five weeks for both diesel and kerosene. In separate advisories, major oil companies such as Chevron Philippines Inc. (Caltex), Petron Corp., Seaoil Philippines Corp., and Shell Pilipinas Corp. announced an increase of P1.00 per liter for gasoline, P1.20 for diesel, and P1.00 for kerosene.

Cleanfuel, Petro Gazz, PTT Philippines Corp., and Unioil Petroleum Philippines Inc. will also implement similar price adjustments, with the exception of kerosene, which they do not offer. These changes will take effect at 6 a.m. on Tuesday, August 20, for all companies except Cleanfuel, which will implement the price hike at 4:01 p.m. on the same day.

Other firms have not yet made similar announcements for the week. The recent price adjustments align with statements made by the Department of Energy-Oil Industry Management Bureau (DOE-OIMB), citing concerns over rising tensions in the Middle East and the easing of US monetary policy, among other factors.

Last week, firms reduced the price of gasoline by P2.45 per liter, diesel by P1.90 per liter, and kerosene by P2.40 per liter. As of August 13, 2024, year-to-date adjustments resulted in a net increase of P7.05 per liter for gasoline and P4.75 per liter for diesel, and a net decrease of P3.15 per liter for kerosene.

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