MANILA, Philippines, August 29 ------ Pump prices continue their upward movement today, with oil companies implementing another round of price hikes. In separate advisories yesterday, oil companies said prices would increase by P0.30 per liter for gasoline, P0.70 per liter for diesel and P0.80 per liter for kerosene. These extend the price increases for diesel and kerosene to an eighth straight week, while that of gasoline is on its seventh consecutive week of gains. The upward adjustments will take effect at 6 a.m. today for most companies, except for Caltex, which implemented the price movements at 12:01 a.m. and Cleanfuel, which will implement it at 4:01 p.m.
This week’s adjustments reflect the movement in the international oil market, which continues to be impacted by the tightening supply. Oil companies last week jacked up prices by P1.10 per liter for gasoline, P0.20 per liter for diesel and P0.70 per liter for kerosene, which resulted in a year-to-date net increase of P14.50 per liter for gasoline, P8.80 per liter for diesel and P5.84 per liter for kerosene, data from the Department of Energy (DOE) showed.
Based on DOE monitoring from Aug. 22 to 24, prevailing retail prices of diesel and diesel plus products in Metro Manila ranged from P58.95 to P72.20 per liter and from P64.45 to P82.30 per liter, respectively. Gasoline prices, meanwhile, ranged from P59 to P87.15 per liter, depending on the research octane number of the fuel. As for kerosene, prices monitored during the period ranged from P76.65 to P89.30 per liter.
Source: philstar.com