Oil price hike: P1.05 for diesel, P0.90 for gas

MANILA, Philippines — Oil firms are jacking up gasoline and diesel prices but will slightly reduce kerosene prices today.

In separate advisories yesterday, oil companies said they would increase gasoline prices by P0.90 per liter and diesel by P1.05 per liter, while decreasing kerosene prices by P0.25 per liter.

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

This week’s adjustments, which reflect the movement in the international oil market, end two consecutive weeks of rollbacks in diesel prices, while extending the decline in kerosene prices to a third straight week.

Oil companies slashed diesel prices by P2.20 per liter and kerosene by P2.50 per liter last week, while no adjustments were made on the prices of gasoline.

These resulted in a total year-to-date net decrease for diesel at P2.15 per liter and kerosene at P0.25 per liter, while gasoline has a net increase of P5.10 per liter, data from the Department of Energy showed.