Firms to hike fuel prices in last week of March

Metro Manila, Philippines - Motorists will see an increase in fuel prices this week starting Tuesday, March 25, an end to the downward movement seen in the last three weeks.

In separate announcements on Monday, Caltex, Cleanfuel, and Seaoil said gasoline prices will increase by a hefty P1.10 per liter while diesel prices will go up by P0.40 per liter.

Caltex and Seaoil will also increase per-liter prices of kerosene by P0.40.

Oil Industry Management Bureau Assistant Director Rodela Romero on Friday said the price adjustment may be affected by the rising tensions in the Middle East after United States’ strikes on Houthi rebels in Yemen.

Romero said other factors might include China’s fiscal stimulus measures and the decrease in US fuel inventories.

Pending implementation, gasoline and diesel both have a total net increase of P3.25 per liter, while a total net decrease of P0.30 per liter for kerosene, according to NewsWatch Plus calculations.