MANILA – Fuel prices will increase by more than PHP1 on Tuesday, following announcements from oil companies.
In separate advisories on Monday, Shell Pilipinas, Caltex, Cleanfuel, Seaoil, Petro Gazz, Jetti, Unioil, PTT Philippines, and Flying V said they will increase gasoline prices by PHP1.15 per liter, and diesel by PHP1.10 per liter.
Kerosene prices will also go up by PHP0.80 centavos per liter, according to Caltex, Shell, Seaoil, and Flying V.
The price adjustment will be effective at 6 a.m.
This came following last week’s rollback of PHP0.85 per liter of gasoline, PHP0.75 per liter of diesel, and PHP0.90 per liter of kerosene.
Earlier, Department of Energy-Oil Industry Management Bureau Director Rodela Romero attributed the fuel price spike forecasts to the escalating geopolitical situation around Russia, the risks of plant closure of Russian oil refinery businesses; and the news of oil production outage in Norway.
The DOE said the total adjustment of gasoline and diesel year-to-date stands at a net increase of PHP10.15 per liter and PHP9.40 per liter, respectively; with a total net decrease of PHP1.40 per liter of kerosene. (PNA)