Fuel prices to increase by up to P1.50/liter on March 7
MANILA, Philippines -Local oil companies will raise their pump prices of gasoline, diesel and kerosene on Tuesday, March 7, 2023, by as much as P1.50 per liter.
In separate advisories, the oil firms announced their price adjustment schedules:
Shell (6 a.m.)
Gasoline: +P0.40 per liter
Diesel: +P1.50 per liter
Kerosene: +P1.25 per liter
Seaoil ( 6 a.m.)
Gasoline: +P0.40 per liter
Diesel: +P1.50 per liter
Kerosene: +P1.25 per liter
Clean Fuel (4:01 p.m.)
Gasoline: +P0.40 per liter
Diesel: +P1.50 per liter
Kerosene: +P1.25 per liter
The increases come a week after local oil companies cut their prices by P1.30 (diesel), P0.70 (gasoline) and P1.80 (kerosene).
The Department of Energy said the Feb. 28 price adjustments resulted in a year-to-date net decrease for diesel at P2.40 per liter and kerosene at P2.30 per liter. Gasoline, meanwhile, had a net increase of P5.30 per liter.
Local oil prices are anchored on the Mean of Platts Singapore (MOPS), which refers to the calculation of average daily price assessments for a basket of crude and refined petroleum products traded in the Singapore market.
This pricing reference is widely used in Asia-Pacific markets because Singapore is a major hub for oil trading and refining in the region.
READ:
Fuel prices to be rolled back on Feb. 28
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