Oil firms raise pump prices
Credit to Author: Danessa Rivera| Date: Tue, 24 Oct 2023 00:00:00 +0800
MANILA, Philippines — Oil companies are raising pump prices today amid the uptrend in the international oil market.
In separate advisories yesterday, oil firms said prices would be hiked by P0.95 per liter for gasoline, P1.30 per liter for diesel and P1.25 per liter for kerosene.
This is the third straight week that gasoline prices were increased.
On the other hand, the latest adjustments put an end to the two successive weeks of rollbacks in diesel and four consecutive weeks for kerosene.
The price adjustments will take effect at 6 a.m. today for most companies, except for Caltex, which started implementing the price movements at 12:01 a.m. and for Cleanfuel which will implement the same at 4:01 p.m.
Last week, local oil companies implemented mixed price adjustments – an increase of P0.55 per liter for gasoline and a decrease of P0.95 per liter for both diesel and kerosene.
Data from the Department of Energy showed these price adjustments resulted in a year-to-date net increase of P12.80 per liter for gasoline, P10.40 per liter for diesel and P4.99 per liter for kerosene.