Pump prices will increase anew this week after oil firms announced another round of fuel hikes, marking the fourth consecutive week of increases for gasoline and the sixth straight for diesel and kerosene.
Shell Pilipinas Corp. said in an advisory on Monday that it will raise gasoline prices by P0.80 per liter, diesel by P1.60 per liter, and kerosene by P1.10 per liter.
The new prices will take effect at 6 a.m. on Tuesday, February 3.
Earlier, the Department of Energy’s Oil Industry Management Bureau (DOE-OIMB) had warned of impending hikes, citing factors such as the slow recovery of Kazakhstan’s Tengiz oil field, a higher Iran-related risk premium, and OPEC+’s decision to maintain its pause on output increases.
Last week, oil companies also implemented price adjustments, increasing gasoline by P0.40 per liter, diesel by P1.40, and kerosene by P0.80.
