Oil price hikes to hit consumers starting Tuesday

Oil companies will implement significant price hikes starting Tuesday, March 15, with diesel increasing by P13.15 per liter, gasoline by P7.10 per liter, and kerosene by P10.50 per liter.

This marks the 11th consecutive week of price increases for fuel products.

The price upticks are attributed to the surge in global oil prices last week, with Brent crude reaching $131 per barrel and Dubai crude $122 per barrel, influenced by the Ukraine-Russia war.

Pilipinas Shell Petroleum Corporation, Chevron Philippines (Caltex), and Cleanfuel are among the companies that have announced these price adjustments.

DOE Secretary Alfonso Cusi previously stated that diesel price increases should be less than P12 per liter and gasoline below P7 per liter due to market corrections.

The DOE is reviewing pricing policies and the fuel value chain to find ways to ease these price hikes and has requested staggered increases and industry sacrifices.

As of March 8, the year-to-date net increase in gasoline prices is P13.25 per liter, diesel is P17.50 per liter, and kerosene is P11.40 per liter.