Gasoline up by P2.60/liter, diesel and kerosene by more than P1/liter Tuesday

Pump prices of petroleum products in the Philippines are set to be hiked by more than P1 this week, marking the second straight week of increases after the surprise production cuts by OPEC+ and its allies.

In separate advisories, Chevron Philippines Inc. (Caltex), Flying V, Petron Corp., Pilipinas Shell Petroleum Corp. and Seaoil Philippines Corp. said they will hike prices per liter of gasoline by P2.60, diesel by P1.70, and kerosene by P1.90.

Cleanfuel, Petro Gazz, Phoenix Petroleum Philippines, 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, April 11, 2023 for all the firms except for Cleanfuel, which will adjust prices at 4:01 p.m. and Caltex at 12:01 a.m. the same day.

Other firms have yet to make similar announcements for the week as of posting time.

Saudi Arabia and other members and partners of the Organization of the Petroleum Exporting Countries (OPEC) last Sunday announced a production cut of 1.16 million barrels per day, which they said aims to support the stability of the market.

Firms last week hiked prices per liter of gasoline by P1.40, diesel by P0.50, and kerosene by P0.50.

Latest data available from the Department of Energy (DOE) indicate a year-to-date net increase of P6.05 per liter for gasoline, and net decreases of P3.65 per liter for diesel, and P5.35 per liter for kerosene. —KBK, GMA Integrated News