MANILA — Following a significant reduction last week, oil companies including Caltex, Cleanfuel, Jetti, Petro Gazz, PTT, Seaoil, and Shell have announced increases in fuel prices set to begin Tuesday morning. This hike will see gasoline prices up by PHP1 per liter and diesel by PHP1.20 per liter, with increases also affecting kerosene.
According to Philippines News Agency, the rise in prices is influenced by positive economic data from the United States, leading to an optimistic outlook on the global oil market. This optimism anticipates a potential easing of monetary policy by the US Federal Reserve, which could, in turn, increase oil demand. Caltex, Seaoil, and Shell specifically will raise kerosene prices by PHP1 per liter, with similar adjustments expected from other firms.
The Department of Energy’s latest figures reveal a year-to-date net increase of PHP7.05 per liter for gasoline and PHP4.75 for diesel. Kerosene, however, has seen a net decrease of PHP3.15 per liter. Currently, prices in Metro Manila range from PHP52 to PHP85.52 per liter for gasoline, PHP49 to PHP72.24 for diesel, and PHP69.49 to PHP80.85 for kerosene.