Gasoline, diesel prices to increase by up to P0.80 a liter starting May 23

MANILA  -Motorists will see another round of fuel price hikes on Tuesday, May 23, as local oil firms announced they would hike pump prices of gasoline and diesel by up to 80 centavos per liter.

In separate advisories, local oil companies said the price of gasoline would rise by 80 centavos per liter, while diesel would go up by 60 centavos per liter.

The price of kerosene, meanwhile, will decline by 10 centavos per liter.

Shell and Seaoil will implement the price adjustment by 6 a.m. on Tuesday.

This marks the second consecutive week of price increases for gasoline and diesel as companies worldwide raced to shore up supply of petroleum products amid rising global demand, according to the Department of Energy (DOE).

Last week, the price of gasoline rose by 35 centavos per liter, diesel by P1.40 per liter, and kerosene by P1.20 per liter.

This resulted in a year-to-date net decrease of P5.65 per liter for diesel and P6.30 per liter for kerosene, the DOE said. Gasoline had a net increase of P4.20 per liter.

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