Motorists are advised to brace themselves as further price increases are expected for petroleum products such as diesel and gasoline beginning Tuesday, January 24.
Motorists would do well to stretch their fuel budgets in the coming days
PH Fuel Watch made the prediction on its Facebook page. Based on global oil trading as of January 21, the fuel price watchdog projected that diesel prices will rise between Php 2.30 and Php 2.50 per liter. Meanwhile, prices of gasoline are also seen to get a hefty hike, between Php 2.90 and Php 3.10 per liter.
Shell will be increasing gasoline prices by Php 2.80 per liter for its FuelSave 91, V-Power Nitro Plus 95, and V-Power Nitro Plus Racing 97 gasoline. For FuelSave Diesel and V-Power Nitro Plus Diesel, the price hike will be Php 2.25 per liter, while kerosene will cost Php 2.40 per liter more. The new prices will be in effect at 6:00 a.m. Tuesday.
Caltex will enact similar price adjustments for its petroleum products, including Silver 91 and Platinum 95 gasoline as well as Techron Diesel and kerosene. These will reflect at the pumps as early as Tuesday 12:01 a.m.
Cleanfuel will adjust its prices at 4:01 p.m. Tuesday [Image: Cleanfuel FB page]\
Unioil has released an advisory on its social media page that it will also implement an increase on its petroleum products. Cleanfuel announced over its Facebook page that its Clean 91, Premium 95, and Race 97 gasoline blends will be Php 2.80 per liter more expensive at the pumps, while its diesel product will cost Php 2.25 more per liter. These will take effect at 4:01 p.m. Tuesday.
Seaoil will impose a price hike of Php 2.80 per liter for gasoline while similarly raising diesel prices by Php 2.25 per liter. Kerosene will be Php 2.40 per liter more expensive. Adjusted prices are effective Tuesday 6:00 a.m.
Seaoil's price adjustments will be felt as early as Tuesday morning [Image: Seaoil FB page]
This is the second consecutive week that diesel and gasoline prices are on the rise, following an increase of Php 0.50 and Php 0.90 respectively on January 17. According to an oil industry source, the upward price movement was caused by optimism over China’s economic recovery, which is seen to lead to higher demand for oil.
Data from the Department of Energy showed that year-to-date adjustments indicate a Php 3.10 net increase per liter for gasoline and Php 0.80 increase per liter for kerosene. In contrast, diesel has had a net decrease of Php 0.20 per liter.
Fuel up on our latest price updates at Philkotse.com.