Gasoline and diesel prices up for second straight week Tuesday; kerosene down

Oil firms on Monday announced another round of hikes in pump prices of petroleum products, marking the second straight week of upward adjustments for both gasoline and diesel.

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 P0.80 and diesel by P0.60, while rolling back those of kerosene by P0.10.

Cleanfuel, Petro Gazz, Phoenix Petroleum Philippines Inc., and PTT Philippines Corp. will implement the same changes, excluding kerosene which they do not carry.

The adjustments will take effect at 6 a.m. on Tuesday, May 23, for all the firms except for Cleanfuel which will implement the changes 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.

Department of Energy - Oil Industry Management Bureau (DOE-OIMB) Assistant Director Rodela Romero last week said the upward movement in gasoline and diesel pump prices was expected, given the movement in the Mean of Platts Singapore (MOPS).

DOE data indicate a year-to-date net increase of P4.20 per liter for gasoline and net decreases of P5.65 per liter for diesel and P6.30 per liter for kerosene as of May 16, 2023.

Firms last week hiked prices per liter of gasoline by P0.35, diesel by P1.40, and kerosene by P1.20. —VAL/RSJ, GMA Integrated News