Big price hikes stun motorists

In separate advisories, local oil companies announced that gasoline prices will increase by P1.30 per liter and diesel by 95 centavos. The price of kerosene, meanwhile, will remain unchanged

Motorists should brace for a third round of increases in fuel prices triggered particularly by lingering geopolitical tension among top oil-producing countries as well as global market volatility. The hike in fuel prices will be made effective today.

In separate advisories, local oil companies announced that gasoline prices will increase by P1.30 per liter and diesel by 95 centavos. The price of kerosene, meanwhile, will remain unchanged.

This week’s price movement is higher than the price increase implemented last week, when gasoline prices inched up by 30 centavos per liter while diesel and kerosene went up by 90 centavos per liter.

DoE data

Data from the Department of Energy Oil Industry Management Bureau or DoEOIMB showed that from the start of the year until 16 January, the net adjustment in gasoline and diesel prices stood at 30 centavos per liter and 65 centavos per liter, respectively.

Kerosene, on the other hand, logged a net reduction of 40 centavos per liter for the year.

Oil companies announce price adjustments every Monday to be implemented next day in the morning.

They adjust their prices weekly based on the movement of the Mean of Platts Singapore — the regional pricing benchmark adopted by the deregulated downstream oil sector.

The Philippines, as a net importer of oil, has no control of the global price movement.

MARIA ROMERO

This week’s price movement is higher than the price increase implemented last week, when gasoline prices inched up by 30 centavos per liter while diesel and kerosene went up by 90 centavos per liter.