Gas price up P0.40, diesel by P1.50
Credit to Author: Richmond Mercurio| Date: Tue, 7 Mar 2023 00:00:00 +0800
MANILA, Philippines — Oil companies are jacking up pump prices today following a rollback last week.
In separate advisories yesterday, oil companies said they would raise gasoline prices by P0.40 per liter, diesel by P1.50 and kerosene by P1.25 per liter.
The price adjustments will take effect at 6 a.m. today for most companies, except for Caltex, which implemented the adjustments at 12:01 a.m., and Cleanfuel, which will implement the price hikes by 4:01 p.m.
This week’s upward price adjustments reflect the movement in the international oil market.
The price movements today end the four consecutive weeks of declines for kerosene, while diesel and gasoline failed to extend their price reductions to two straight weeks.
Last week, oil companies slashed gasoline prices by P0.70 per liter, diesel by P1.30 per liter, and kerosene by P1.80 per liter.
These resulted in a year-to-date net decrease of P2.40 per liter for diesel and P2.30 per liter for kerosene, while gasoline has a net increase of P5.30 per liter, data from the Department of Energy showed.