Big-time hike in gasoline, diesel, kerosene prices set Tuesday

Motorists will be greeted by a big-time hike in pump prices of petroleum products this week, even as adjustments still do not include additional duties approved by President Rodrigo Duterte earlier this month.

In separate advisories, Chevron Philippines Inc. (Caltex), Flying V, Pilipinas Shell Petroleum Corp., and SEAOIL Philippines Inc. said they will hike prices per liter of gasoline by P1.75, diesel by P2.10, and kerosene by P2.65.

Cleanfuel, Petro Gazz, Phoenix Petroleum Philippines Inc., and PTT Philippines Corp. will implement the same changes, excluding kerosene which they do not carry.

This will mark the fourth consecutive week of hikes for gasoline, and the third for diesel and kerosene.

The changes will take effect 12:01 a.m. on Tuesday, May 26 for Caltex, 4:01 p.m. for Cleanfuel, and 6 a.m. the same day for the rest of the companies. Other firms have yet to make similar announcements.

The firms earlier clarified that the adjustments still do not include the 10% additional duty on imported crude oil and refined petroleum products imposed by Duterte under Executive Order 113 which he signed on May 2.

The adjustments, the companies noted, were only based on the movement in the Mean of Platts Singapore (MOPS), the benchmark for local fuel products. 

According to the latest data available from the Department of Energy (DOE), year-to-date adjustments stand at a net decrease of P12.52 per liter for gasoline, P15.09 for diesel, and P21.25 for kerosene as of May 12, 2020. — RSJ, GMA News