Gasoline prices up for 5th straight week; diesel, kerosene for 7th

Motorists will have to tighten their belts anew this week as fuel retailers announced another round of price hikes, marking the fifth consecutive week of increases for gasoline and the seventh straight for both diesel and kerosene.

In separate advisories on Monday, Chevron Philippines Inc. (Caltex), Seaoil Philippines Corp. and Shell Pilipinas Corp. said they will raise pump prices per liter by P0.60 for gasoline, P1.00 for diesel, and P0.60 for kerosene.

Cleanfuel, Petro Gazz, PTT Philippines Corp., and Unioil Petroleum Philippines Inc. will implement the same adjustments, except for kerosene, which they do not sell.

The price changes will take effect at 6 a.m. on Tuesday, February 10, for all firms except Cleanfuel, which will hike prices at 4:01 p.m. the same day.

Other oil companies have yet to announce their price adjustments for the week.

Earlier, the Department of Energy–Oil Industry Management Bureau (DOE-OIMB) projected mixed fuel price movements, citing de-escalation signals between the United States and Iran, expectations of ample global supply, and softer demand amid milder US weather conditions.

Last week, oil firms raised prices per liter by P0.80 for gasoline, P1.60 for diesel, and P1.10 for kerosene.—MCG/RF, GMA Integrated News