MOTORISTS will have to tighten their belts this week as oil firms are hiking pump prices of fuel products by over P1 per liter today to mark the second straight week of upward adjustments.
In separate advisories, Petron Corp., Seaoil Philippines Corp. and Shell Pilipinas Corp. said they will increase prices per liter of gasoline by P1.40, diesel by P1.75, and kerosene by P1.05.
Cleanfuel and Petro Gazz will implement the same changes, excluding kerosene which they do not carry.
The changes will take effect at 6 a.m. today for all the firms, except for Cleanfuel which will adjust prices at 4:01 p.m.
Other firms have yet to make similar announcements for the week as of this writing.
The adjustments are in line with a big-time pump price hike projected by the Department of Energy’s Oil Industry Management Bureau (DOE-OIMB), citing continued geopolitical tensions and supply risks.
Firms last week hiked prices per liter of gasoline by P0.85, diesel by P1.75, and kerosene by P1.90.
This brought year-to-date adjustments at a net increase of P6.90 per liter for gasoline, P6.00 per liter for diesel, and P0.35 per liter for kerosene as of June 18, 2024. (GMA Integrated News)
