Pump prices rise today, diesel increases by P2.70/liter

MANILA: Starting on Tuesday of this week, the cost of diesel, gasoline, and kerosene at the pump will rise once more.

On Monday, local oil companies announced the following pricing changes, with diesel prices increasing by P2.70 per liter beginning on Tuesday, October 18.

Gas prices have risen by P0.80 per liter, kerosene by P2.90 per liter, and diesel by P2.70 per liter.

Caltex implemented the price rise on midnight Tuesday, while Petron and Shell will do the same from 6 a.m. onwards.

Around the same time as the above fuel companies, Cleanfuel, Flying V, Petro Gazz, Phoenix, PTT Philippines, Seaoil, and Unioil will follow the price hike. Meanwhile, Cleanfuel will implement the price hike at 4 p.m..

The prices of local oil companies have increased for the second week in a row. The increases were lower than they were the previous week, though.

Local fuel costs are determined using the Mean of Platts Singapore (MOPS) on an average basis.

The MOPS stands for the Singapore trade average daily price of refined petroleum products. In Southeast Asia, it is used to the price of petroleum products.

According to reports, the cumulative hikes for gasoline, diesel, and kerosene as of this writing stand at P15.65 per liter, P35.80 per liter, and P26.75 per liter, respectively.

Recently, Leody Tarriela, a representative from Occidental Mindoro, has introduced a measure to implement progressive excise duty on fuel in an effort to mitigate the effects of high gasoline and diesel prices.

According to House Bill No. 3628, the excise duty will progressively fall as fuel prices rise.

Motorists can modify their driving techniques to save fuel. They can opt for a fuel-efficient engine, lighten the load on their car, drive cautiously, keep in mind that speed affects fuel consumption, check the tire pressure in their car, lower the windows, turn off the air conditioning, and combine their journeys.

Photo from Chevron Philippines, Inc.

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