Gasoline, Diesel Prices Increase for 8th Straight Week

As major markets continue to recover from COVID-19, prices of oil products globally continue to rise, evident by the eighth-straight week of increases to diesel and gasoline, while kerosene price increases again following a rollback last week.

Oil firms Caltex, Petro Gazz, PTT Philippines, Seaoil, Shell, and Total said in separate advisories Monday that prices of their gasoline will increase by 10 centavos per liter, and their diesel products will also rise 30 centavos per liter.

Meanwhile, oil firm Cleanfuel said they will only raise their diesel price by 30 centavos per liter.

For kerosene, oil firms Caltex, Seaoil, and Shell said they will increase kerosene prices by 30 centavos per liter, with other oil firms expected to make their own respective adjustments.

The new adjustments in oil prices were done Tuesday morning.

However according to the Department of Energy’s (DOE) oil monitor bulletin, oil prices were kept below recent highs due to long-term supply uncertainties coupled with demand concerns brought about by the rise in COVID-19 cases even as crude oil prices in the global market continue to increase.

Year-to-date increases on oil prices have so far yielded a PHP13.50 per liter net increase on gasoline, PHP10.60 per liter rise on diesel prices, and PHP9 per liter hike on kerosene prices. (GFB)