Oil companies will implement big-time price hikes on diesel and kerosene products and raise gasoline prices by less than 50 centavos effective Tuesday.
In separate advisories, Caltex, Cleanfuel, Jetti, Petro Gazz, PTT, Seaoil, and Shell said they will increase gasoline prices by PHP0.35 per liter and diesel prices by PHP1.40 per liter.
Caltex, Seaoil, and Shell will also hike kerosene prices by PHP1.20 per liter.
The latest price adjustments snapped the four straight weeks of price rollback on diesel and three consecutive weeks of price cuts on gasoline and kerosene.
Last week’s price movement brought prices of gasoline to be higher by PHP7.45 since the start of the year, while diesel and kerosene prices were both lower by PHP2.75 and PHP3.80 per liter, respectively.
According to OilPrice.com, analysts and banks expect higher oil prices by the end of 2023 despite the slow start in the first quarter of the year.