Fuel prices up by over P1/liter on Tuesday

Motorists will have to brace for higher pump prices starting Tuesday, as fuel retailers announced another round of increases, marking the seventh consecutive week of hikes for gasoline and the fourth for diesel.

In separate advisories, Chevron Philippines Inc. (Caltex), Petron Corp., Seaoil Philippines Corp. and Shell Pilipinas Corp. said they will raise prices of gasoline and diesel by P1.20 per liter each.

There will be no adjustment for kerosene, which remains under a nationwide price freeze following the declaration of a state of national calamity.

Cleanfuel, Petro Gazz, PTT Philippines Corp., and Unioil Petroleum Philippines Inc., which do not sell kerosene, will implement the same price changes.

The adjustments will take effect at 6 a.m. on Tuesday, November 18 for all firms, except for Cleanfuel, which will impose the increases at 4:01 p.m. on the same day.

Other oil companies have yet to issue their advisories.

The Department of Energy–Oil Industry Management Bureau (DOE–OIMB) earlier projected this week’s hike, citing the latest US sanctions on Russian oil and optimism over a possible resolution to the US government shutdown.

Last week, fuel firms increased gasoline prices by P0.50 per liter and diesel by P1.00 per liter.

As of October 28, year-to-date adjustments stood at a net increase of P16.50 per liter for gasoline, P19.15 per liter for diesel, and P6.55 per liter for kerosene.—MCG/RSJ, GMA Integrated News