Gasoline, diesel prices up for 3rd straight week

MANILA, Philippines — Gasoline and diesel prices are up for the third straight week today.

In separate advisories yesterday, local oil companies said prices would increase by P1.30 per liter for gasoline and P0.95 per liter for diesel.

Meanwhile, no movement in the price of kerosene will be implemented.

The price adjustments, which reflect movement in the international oil market, will take effect at 6 a.m. today for most companies, except for Caltex which started implementation at 12:01 a.m. and Cleanfuel which will implement it at 4:01 p.m.

Department of Energy (DOE) Oil Industry Management Bureau assistant director Rodela Romero said the uptrend is due to various factors, such as higher freight cost and insurance due to longer voyage time and risk in avoiding the Red Sea, rebound on China’s crude imports and the drop in US inventory, among others.

Last week, oil companies hiked prices by P0.30 per liter for gasoline and a heftier P0.90 per liter for both diesel and kerosene.

These adjustments resulted in a year-to-date net increase of P0.30 per liter for gasoline and P0.65 per liter for diesel.

Kerosene, on the other hand, has a year-to-date net decrease of P0.40 per liter.

Prevailing retail prices of diesel and diesel plus products in Metro Manila from Jan. 16 to 22, based on DOE monitoring, ranged from P51 to P67.50 per liter and from P57 to P79.81 per liter, respectively.

Gasoline prices, meanwhile, ranged from P51.90 to P77.70 per liter, depending on the RON or research octane number of the fuel.