AN INCREASE of more than P1 per liter in gasoline pump prices will greet motorists on Tuesday, Feb. 23, 2021, to “reflect movements in the international oil market.”
Described by business leaders in Cebu as a setback to economic recovery from the effects of the coronavirus disease 2019 (Covid-19) pandemic, this latest increase is the seventh price adjustment in less than two months.
In separate advisories on their official social media pages, the so-called Big 3 oil companies operating in the country and other oil firms announced a P1.20-per-liter increase in prices of gasoline and a P0.95-per-liter increase for diesel.
Petron Corp. said it will implement the price increases effective 6 a.m. Tuesday. It will also increase the price of kerosene by P1 per liter.
Chevron Philippines (Caltex) said its fuel prices will increase at 12:01 a.m. on Tuesday. Platinum will increase by P1.20 per liter, Silver by P1.20 per liter, diesel by P0.95 per liter and kerosene by P1.05 per liter.
Pilipinas Shell Petroleum Corp. said its price adjustments will also take effect at 6 a.m. on Tuesday, with gasoline up by P1.20 per liter, diesel by P0.95 per liter and kerosene by P1 per liter.
Petrogazz, Seaoil and PTT Philippines will implement the same price adjustments at 6 a.m. Tuesday.
Seaoil will also increase the price of kerosene by P1 per liter.
Cleanfuel is set to increase gasoline prices by P1.20 per liter and diesel by P0.95 per liter at 4:01 p.m. on Tuesday.
Unioil made a forecast two days back that fuel prices would go up within Feb. 23 to Mar. 1, 2021 by P1 to P1.10 per liter of diesel and by P1.10 to P1.20 per liter of gasoline.