Price hike: Gasoline up P0.95, diesel by P0.50

MANILA, Philippine, January 17 ------ Oil companies are raising gasoline and diesel prices today, while a minimal rollback is being implemented on kerosene.

In separate advisories, oil firms said they would increase gasoline prices by P0.95 per liter and diesel prices by P0.50 per liter. Kerosene prices, meanwhile, are down by P0.15 per liter. The price adjustments took effect at 6 a.m. today for most companies, except for Caltex, which implemented the adjustments at 12:01 a.m. and Cleanfuel at 4:01 p.m. This week’s adjustments reflect the movement in the international oil market.

Department of Energy (DOE)-Oil Industry Management Bureau director Rino Abad last week said this week’s increase in fuel prices is brought about by the easing US inflation, as well as the expected resurgence in China’s economic activity. Last week, diesel prices were slashed by P2.80 per liter, kerosene by P2.10 per liter and gasoline by P0.75 per liter, ending three consecutive weeks of increases for gasoline and kerosene, while also preventing two straight weeks of price hike for diesel.

DOE data showed that total year-to-date adjustments stand at a net increase of P2.15 per liter for gasoline and P0.95 per liter for kerosene and a net decrease of P0.70 per liter for diesel.

Source: philstar.com