MANILA. Motorists are facing another increase in petroleum product prices as oil retailers announced price hikes this week. This marks the fifth straight week of increases for gasoline and the second consecutive week for diesel and kerosene.
In an advisory, Shell Pilipinas Corp. confirmed that prices per liter will rise as follows:
- Gasoline: P0.50
- Diesel: P1.45
- Kerosene: P0.75
Other firms, including Cleanfuel and Petro Gazz, will implement the same adjustments, excluding kerosene, which they do not carry. The new rates will take effect at 6:00 a.m. on Tuesday, December 24, except for Cleanfuel, which will implement the changes starting at 4:01 p.m.
The Department of Energy-Oil Industry Management Bureau (DOE-OIMB) previously projected these price hikes, attributing them to the ongoing armed conflict in the Middle East and production cuts by major oil-producing countries.
Last week, fuel firms increased prices per liter of gasoline and diesel by P0.80 each, while kerosene rose by P0.10. These adjustments have brought the year-to-date net increase (as of December 17, 2022) to:
- Gasoline: P12.55 per liter
- Diesel: P8.95 per liter
- Kerosene: A net decrease of P2.55 per liter
Other oil retailers have yet to announce any adjustments for the week.
With the holiday season in full swing, consumers are urged to prepare for higher fuel expenses as global factors continue to impact local pump prices.
Carlo Juancho FuntanillaFrontend Developer, WordPress, Shopify
Contributing Editor
AMA ACLC San Pablo
