Philstar
Diesel prices up by P1.70, gas by P1.20
Fuel prices increased by up to P1.70 per liter starting Tuesday, May 20, ending a two-week streak of price reductions.
The price adjustments include a P1.20 per liter increase for gasoline and P1.70 for diesel, with kerosene also seeing a P1.20 per liter hike.
Caltex, Cleanfuel, Jetti, Petro Gazz, Seaoil, Shell, and PTT Philippines announced these price hikes.
The Department of Energy attributed the price surge to the US and China's agreement on a temporary cut in reciprocal tariffs, US sanctions on Iranian oil trade companies, and expected slowdowns in OPEC's oil supply growth.
The latest adjustments bring the year-to-date net increases for gasoline and diesel prices to P4 and P3.80 per liter, respectively.
Kerosene prices have seen a total net decrease of P2.05 per liter year-to-date.
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