Fuel price hike set on Tuesday, Jan. 31

(REUTERS/File Photo)

MANILA, Philippines — The pump price of gasoline, diesel, and kerosene prices will increase by at least P1 per liter starting Tuesday, Jan. 31.

It will be the third straight week marked by a fuel price increase

Local oil firms on Monday announced the following price adjustments to be implemented on Jan. 31:

Shell (6 a.m.)

Gasoline: +P1.30 per liter

Diesel: +P1.00 per liter

Kerosene: +P1.35 per liter

Seaoil (6 a.m.)

Gasoline: +P1.30 per liter

Diesel: +P1.00 per liter

Kerosene: +P1.35 per liter

Cleanfuel (4:01 p.m.)

Gasoline: +P1.30 per liter

Diesel: +P1.00 per liter

The Department of Energy, in its price monitor update last Jan. 17, said total adjustments in 2023 stood at a net increase of P3.10 per liter for gasoline, P0.80 per liter for kerosene; and diesel at a net decrease of P0.20 per liter. 

Local fuel prices are based on the average Mean of Platts Singapore (MOPS).

MOPS is the daily average price of refined petroleum products in Singapore trading.

It is used for pricing petroleum products in Southeast Asia. 

  gsg