Hefty hikes in pump prices today

MANILA, Philippines —  Fuel prices are poised to increase by as much as P2.10 per liter today, marking three straight weeks of hikes for diesel and kerosene.

In separate advisories, Shell, Caltex and Seaoil announced that prices of gasoline, diesel and kerosene would climb by P1.50, P2.10 and P1.20 per liter, respectively.

PetroGazz, Cleanfuel, PTT Philippines and Jetti would implement the same price movements, except for kerosene, which they do not offer.

Oil prices increased amid US production cuts in the Gulf of Mexico due to a hurricane, aggravated by the delayed plans of OPEC+ to boost output by yearend, according to the Department of Energy (DOE).

The US Federal Reserve also lowered the benchmark interest rate by 25 basis points during its policy meeting last week, which in turn could stimulate more economic activity and higher oil demand.

The weakening of the local currency, the DOE added, also exerted upward pressure in domestic pumps.

With these adjustments, the year-to-date total adjustment for gasoline and diesel stands at a net increase of P10.15 and P9.40 per liter, respectively.

Kerosene prices, on the other hand, have declined by P1.40 per liter since the start of the year.