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Pump prices up for 8th straight week; diesel up by P10.20, gasoline by P7.95 year-to-date

Motorists will again have to pay more for petroleum products starting Tuesday as oil firms announced the eighth straight week of increases, with gasoline already up by nearly P8 and diesel by over P10 per liter so far this year.

In separate advisories, Chevron Philippines Inc. (Caltex), Flying V, Petron Corp., Pilipinas Shell Petroleum Corp., and Seaoil Philippines Inc. said they will hike prices per liter of gasoline by P0.80, diesel by P0.65, and kerosene by P0.45.

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

The adjustments will take effect at 6 a.m. on Tuesday, February 22, for all the firms except for Caltex which will impose the changes at 12:01 a.m., and Cleanfuel at 4:01 p.m. the same day.

Oil firms attributed the increase to the ongoing tightness in the global supply and its impact on domestic prices.

Latest data available from the Department of Energy (DOE) indicate that the year-to-date adjustments stand at a total net increase of P7.95 per liter for gasoline, P10.20 per liter for diesel, and P9.10 per liter for kerosene as of February 15, 2022.

Pump prices have only been increased so far this year, following a net increase of P17.65 per liter for gasoline, P14.30 per liter for diesel, and P11.54 per liter for kerosene in 2021. — AOL/RSJ, GMA News