Pump prices of gasoline and kerosene will be hiked for the third straight consecutive week on Tuesday following the surprise production cut by the Organization of the Petroleum Exporting Countries (OPEC), while those of diesel will be rolled back.
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 and kerosene by P0.10 each while rolling back those of diesel by P0.40.
Cleanfuel and Petro Gazz will implement the same changes, excluding kerosene which it does not carry.
The changes will take effect at 6 a.m. on Tuesday, April 18, 2023, except for Caltex and Cleanfuel which will both adjust prices at 12:01 a.m. the same day.
Saudi Arabia and other members and partners of the OPEC earlier this month announced a production cut of 1.16 million barrels per day, which they said aims to support the stability of the market.
Oil firms last week hiked prices per liter of gasoline by P2.60, diesel by P1.70, and kerosene by P1.90.
The latest data available from the Department of Energy (DOE) show a year-to-date net increase of P8.65 per liter for gasoline, and net decreases of P1.95 per liter for diesel and P3.45 per liter for kerosene as of April 11, 2023. — DVM/RSJ, GMA Integrated News