Pump prices up for 2nd straight week

MANILA, Philippines — Local oil companies are hiking pump prices for a second straight week, this time higher compared to the increase they implemented last week.

In separate advisories yesterday, oil firms said prices would increase by P0.30 per liter for gasoline and a heftier P0.90 per liter for both diesel and kerosene.

The price adjustments, which reflect movements 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 implement it at 4:01 p.m.

The Department of Energy (DOE) cited concerns about the escalating conflict in the Middle East and on the shipping issue in the Red Sea as among the primary reasons for this week’s upward price adjustments.

Last week, oil firms raised prices by P0.10 per liter for gasoline, diesel and kerosene.