Oil price hike: P2.90 for diesel, P0.70 for gas

MANILA, Philippines — Pump prices are going up today after a series of rollbacks implemented in the past couple of weeks.

In separate advisories yesterday, oil companies said they would increase diesel prices by P2.90 per liter, gasoline by P0.70 per liter and kerosene by P1.65 per liter.

The adjustments will take effect at 6 a.m. for most companies, except for Caltex, which implemented the adjustments at 12:01 a.m. and Cleanfuel, which will implement it at 4:01 p.m.

Today’s price movements snapped the eight consecutive weeks of rollbacks in diesel prices and four straight weeks of decline in gasoline prices.

Last week, diesel prices were reduced by P3.40 per liter, gasoline by P1.70 per liter and kerosene by P4.40 per liter.

These resulted in a year-to-date net increase of P13.25 per liter for gasoline, P24.60 per liter for diesel and P19.15 per liter for kerosene, based on data from the Department of Energy (DOE).

The upward price movements this week reflect the movements in the international oil market.

The DOE-Oil Industry Management Bureau has attributed the higher prices to the impact of the recently released projections by the International Energy Agency (IEA) and the Organization of the Petroleum Exporting Countries (OPEC), which indicated rising oil demand for next year.

The IEA is expecting oil demand to grow by 1.7 million barrels per day for 2023, while OPEC sees it increasing by 2.55 million bpd.