MANILA – Fuel prices will jump by P1.50 per liter for gasoline and P2.10 per liter for diesel on Tuesday. This was announced on Monday by Petro Gazz, CleanFuel, Caltex, Seaoil, and Shell.
Caltex, Shell, and Seaoil also announced a P1.20 per liter increase for kerosene.
The price adjustment will take effect starting at 6 a.m. on Tuesday.
Department of Energy Oil Industry Management Bureau Director III Rodela Romero said last week that the oil price hike was due to developments in international trading and, on the domestic front, the depreciation of the peso, the premium added to the purchase of petroleum products, and increased freight costs. She added that “areas under a State of Calamity must adhere to the price freeze for LPG and kerosene for 15 days upon its declaration.”
Last week, oil firms increased diesel and kerosene prices by P0.75 and P0.50 per liter, respectively. Gasoline prices, however, were reduced by P0.10 per liter.
Latest data from the Department of Energy showed that as of Nov. 5, the total adjustment for gasoline and diesel stood at a net increase of P8.65 per liter and P7.30 per liter, respectively.
On the other hand, kerosene has seen a total net decrease of P2.60 per liter.
