Oil prices set to rise again amid staggered hikes

Pump prices are set to increase again this week following fuel price adjustments triggered by ongoing tensions involving Iran, the United States, and Israel.

On Monday, the Department of Energy (DOE) announced the following projected fuel price adjustments for the period of March 17 to 23:

• Diesel: ₱20.40 to ₱23.90 per liter
• Gasoline: ₱12.90 to ₱16.60 per liter
• Kerosene: ₱6.90 to ₱8.90 per liter

Following the advisory, oil companies announced another round of major price hikes to take effect this week.

Total said diesel prices will rise by ₱20.70 per liter, while gasoline prices will increase by ₱14.10 per liter.

Shell Pilipinas Corp. and Seaoil Philippines Corp. said they will raise gasoline prices by ₱16.20 per liter and kerosene prices by ₱6.90 per liter.

Shell will increase diesel prices by ₱23.90 per liter, while Seaoil will hike diesel by ₱23.30 per liter.

Total and Seaoil said their new prices will take effect until March 18, while Shell, Petron, and Flying V will implement the adjustments until March 19.—MCG, GMA Integrated News