oil industry

Big hike again: Diesel prices to jump P2.50 per liter, gasoline P2

Ralf Rivas

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Big hike again: Diesel prices to jump P2.50 per liter, gasoline P2

FUEL. A gasoline attendant fills up a jeepney at a gasoline station in Quezon City on January 12, 2019.


Oil prices will increase for the 11th straight week, putting upward pressure on inflation

MANILA, Philippines – Prices of local fuel products will rise for the 11th consecutive week, as Russia and Saudi Arabia extended voluntary production cuts.

On Monday, September 18, Pilipinas Shell and Caltex announced increases of P2.50 per liter for diesel and P2 per liter for gasoline and kerosene.

Other companies are expected to announce the same price hikes.

The adjustments will take effect on Tuesday, September 19.

Pump prices have not slowed down since July, bringing total increases for diesel to P16.90 per liter, gasoline to P11.60, and kerosene to P15.74.

Rising oil prices, alongside higher rice prices, resulted in inflation spiking to 5.3% last August, ending six straight months of deceleration. Year-to-date, inflation is at 6.6%.

The government recently began distributing P2.95 billion in fuel subsidies for operators of public utility vehicles.

Jeepney fare hike petitions are also being reviewed. – Rappler.com

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Ralf Rivas

A sociologist by heart, a journalist by profession. Ralf is Rappler's business reporter, covering macroeconomy, government finance, companies, and agriculture.