Big-time oil price hike today

MOTORISTS will have to brace for the new round of fuel price hikes starting today. | PHOTOGRAPH BY ANALY LABOR FOR THE DAILY [email protected]_ana

After weeks of tamed price movements, motorists should brace for another big-time oil price hike starting today, 24 January.

In separate advisories on Monday, oil companies confirmed that the price of diesel, the so-called poor man’s fuel, will increase by P2.25 per liter.

Gasoline prices, on the other hand, will increase by P2.80 per liter and kerosene by P2.40 per liter.

Since the start of the year, gasoline prices increased by P2.14 per liter, diesel by P0.70 per liter, and kerosene by P0.95 per liter.

As of 12 January, gasoline prices ranged from P58 to P67.60 per liter in Quezon City, Metro Manila’s largest city.

Diesel prices, meanwhile, ranged from P64.68 to P70.85 per liter in Makati City, the country’s top financial hub. In Manila, kerosene sold from P72.76 to P80.90 per liter.

Oil companies announce price adjustments every Monday to be implemented the following morning.

They adjust their prices weekly based on the movement of the Mean of Platts Singapore — the regional pricing benchmark adopted by the deregulated downstream oil sector.

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