INQUIRER FILE PHOTO
MANILA, Philippines — Oil companies jacked up the prices of their products on Tuesday by as much as P1.55 per liter just a week after they implemented a mixed priced adjustment.
In separate announcements, local oil companies announced increases per liter in the prices of gasoline (P1.10), diesel (P1.55) and kerosene (P1.40).
This is the fourth weekly consecutive hike in the price of gasoline.
READ: Gasoline price up 45¢ per liter, diesel down by 60¢
READ: Big-time price hikes: Gasoline up P2.20/liter, diesel by P1.40
Jetti Petroleum, Petro Gazz, Shell Pilipinas and Seaoil implemented the hefty price increase at 6 a.m., followed by Caltex at 6:01 a.m. Cleanfuel was the last to apply the upward adjustment at 4:01 p.m.
This week’s fuel price increase was larger than the mixed adjustment applied previously when the price per liter of gasoline climbed by 45 centavos although those of diesel and kerosene per liter decreased by 60 centavos and P1.05, respectively.
Reasons for hike
In an advisory on Friday, Oil Industry Management Bureau Assistant Director Rodela Romero of the Department of Energy projected a price increase in pump prices this week due to fears of a wider conflict in the Middle East, Ukraine’s attack on Russian oil refineries, and the Organization of Petroleum Exporting Countries’ decision to continue its policy to cut production, among others.
Year-to-date adjustments of gasoline and diesel stand at a net increase of P9.30 and P6.05 per liter, respectively. For kerosene, the aggregate adjustment in its price is a net increase of P1.40 per liter. INQ