Diesel price up by P1.70, gasoline by P1.60/liter

MANILA, Philippines — Local oil companies are jacking up prices by more than P1 per liter today.

In separate advisories yesterday, oil firms said prices would rise by P1.70 per liter for diesel, P1.60 per liter for gasoline and P1.54 per liter for kerosene.

The price adjustments, which reflect movement in the international oil market, will take effect at 6 a.m. today for most companies, except for Caltex which started implementation at 12:01 a.m. and Cleanfuel which will begin by 4:01 p.m.

The Department of Energy (DOE) said the hefty price hikes come as oil prices surge amid growing avoidance of the Red Sea by oil companies and tanker owners, as a rebel group ramped up attacks on vessels in the region.

Last week, local oil firms implemented mixed adjustments at the pumps, with diesel prices increasing by P0.10 per liter, kerosene decreasing by P0.85 per liter and gasoline seeing no movement.