P0.95 diesel price hike; P0.40 for gas

MANILA, Philippines — In separate advisories, oil companies increased pump prices again by P0.40 per liter for gasoline, P0.95 for diesel and P0.85 for kerosene, marking the second consecutive week of price hikes.

Today’s adjustment takes effect at 6 a.m. with Jetti, Seaoil, Caltex, PetroGazz and Shell. Meanwhile, CleanFuel’s adjustment takes effect at 4:01 p.m.

The increase was forecast last Friday by Department of Energy-Oil Industry Management Bureau (DOE-OIMB) assistant director Rodela Romero.

She cited geopolitical movements as main drivers of the price hike, particularly in the Gaza Strip. Romero also cited the killing of three sons of a Hamas leader.

Reports indicate that three sons of Hamas leader Ismail Haniyeh were killed in an Israeli airstrike in Gaza last Wednesday, when the car they were in was bombed.

“(But) inventory buildup of crude and fuels in the US tempered the oil price increase,” Romero said.

Last Tuesday, oil firms raised pump prices by P1.10 per liter for gasoline, P1.55 for diesel and P1.40 for kerosene.