Fuel prices to increase by up to P1.50 per liter on Feb 6
MANILA, Philippines —Motorists will see another increase in the pump prices of petroleum products this week, this time by as much as P1.50 per liter, effective Tuesday, Feb. 6.
In separate advisories, local oil firms said the price per liter of gasoline would go up by P0.75 and diesel by P1.50. The cost of kerosene will likewise climb by P0.80 per liter.
Shell and Seaoil will implement the price adjustments by 6 a.m. on Tuesday, followed by CleanFuel at 4:01 p.m.
The Department of Energy Oil Industry Management Bureau (DOE OIMB) said the increases were due to the Organization of the Petroleum Exporting Countries cutting production by 2.2 million barrels per day. This is expected to extend until the end of the first quarter.
READ: Oil prices gain after OPEC+ maintains output cuts
DOE OIMB director Rodela Romero also attributed the price hikes to drone attacks and fires “designed to disrupt supply lines and logistics” in Russia’s oil facilities.
This marks the fifth consecutive week of price increases.
On Jan. 30, the price per liter of gasoline rose by P2.80, diesel by P1.30 and kerosene by P0.45.
This resulted in a year-to-date net increase of P4.40 per liter for gasoline and P2.60 per liter for diesel, according to the DOE.
Kerosene, on the other hand, had a net decrease of P0.05 per liter.
Data from the DOE also show that prevailing retail prices in Metro Manila ranged from P52.90 to P82.06 per liter as of Feb. 1.
