GET ready to spend more at the pump, folks! Motorists will face yet another week of rising fuel costs as retailers announced price hikes for petroleum products, marking the sixth consecutive week of increases for gasoline and the eighth for diesel and kerosene.
Price Adjustments
Starting Tuesday, February 17, Seaoil Philippines Corp. and Shell Pilipinas Corp. will increase gasoline prices by P1.20 per liter, while diesel and kerosene will each go up by P0.60 per liter. Cleanfuel and Petro Gazz will implement similar changes, excluding kerosene, which they do not offer.
Cleanfuel will adjust its prices at 4:01 p.m. on Tuesday, while the other companies will implement the increases at 6 a.m.
Reasons Behind the Hike
The Department of Energy-Oil Industry Management Bureau (DOE-OIMB) had earlier projected these upward adjustments, citing potential supply disruptions via the Strait of Hormuz and ongoing uncertainty surrounding Iran’s nuclear talks. These global factors continue to impact local fuel prices.
Last week, firms already raised gasoline and kerosene prices by P0.60 per liter and diesel by P1.00 per liter, adding to the financial strain on consumers.
What’s Next?
As of now, other fuel companies have not yet announced similar price hikes for the week. Motorists are advised to monitor announcements from their preferred gas stations.
metrosundaily
