Oil companies have announced that they are implementing price increases on fuel products and liquefied petroleum gas (LPG) this week.
Starting today, Chevron, Cleanfuel, Petro Gazz, PTT Philippines, Seaoil, and Shell will raise diesel prices by P0.85 per liter, and gasoline prices by P1 per liter.
Chevron, Seaoil, and Shell will also increase the prices of kerosene by P0.70 per liter.
Gasoline prices at the pump have been increasing for five straight weeks, and four consecutive weeks of price hike for diesel and kerosene products.
Meanwhile, LPG prices are also up for this month.
Since yesterday, Petron implemented a P0.82 per kilogram increase on LPG, and P0.46 per liter on AutoLPG.
The prices of Solane-branded LPG also rose by P0.65 per kilogram.
The LPG price hike translates to a P7.15 to P9.02 increment on the cost of a regular 11-kilogram LPG tank.
The price adjustments reflected movements in the global market.
Inflation, meanwhile, is seen to accelerate further between 4.3 percent and 5.1 percent for February 2021, with Bangko Sentral ng Pilipinas governor Benjamin Diokno citing 4.7 percent as the point inflation figure, higher than the 4.2 percent actual print in January. Diokno said the upside risks to the rate of price increases this month are from upticks in global crude oil, and fish prices.*PNA