Oil prices up by at least P2/liter today

OIL firms will implement a major hike in pump prices of petroleum products today, marking the tenth straight week of upward movement for gasoline and 11th for both diesel and kerosene.

In separate advisories, Chevron Philippines Inc. (Caltex), Petron Corp. and Pilipinas Shell Petroleum Corp. said they will hike prices per liter of gasoline by P2.00, diesel by P2.50, and kerosene by P2.00.

Cleanfuel will implement the same changes, excluding kerosene which it does not carry.

The adjustment will take effect at 6 a.m. today, except for Caltex, which will hike prices at 12:01 a.m. and Cleanfuel at 4:01 p.m. the same day.

Firms last week hiked prices per liter of gasoline by P0.20, diesel by P0.40, and kerosene by P0.20.

The Department of Energy’s (DOE) Oil Industry Management Bureau (OIMB) earlier said upward adjustments are expected this week, due to the tighter supply outlook amid the production cuts of Saudi and Russia, the supply disruption in Libya, and the inventory withdrawals in the United States.

Latest data available from the DOE indicate year-to-date net increases of P15.50 per liter for gasoline, P11.10 per liter for diesel, and P7.94 per liter for kerosene as of Sept. 12, 2023.

The Land Transportation Franchising and Regulatory Board started releasing fuel subsidies to qualified operators of public utility vehicles on Sept. 13. (GMA Integrated News)


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