Fuel retailers continue to increase pump prices, pushing year-to-date gasoline and diesel prices over P13 and P11 per liter respectively.
Fuel retailers increased pump prices for the fifth consecutive week on Tuesday, pushing the year-to-date increases for gasoline by over P13 per liter and those for diesel by over P11 per liter as of Christmas Eve. Year-to-date adjustments stand at a net increase of P13.05 per liter for gasoline and P11.35 per liter for diesel, and a net decrease of P1.
80 per liter as of December 24, 2024, according to GMA Integrated News Research based on data from the Department of Energy (DOE) and announcements of oil companies. This follows firms raising prices per liter of gasoline by P0.50, diesel by P1.45, and kerosene by P0.75 at 6 a.m. on Tuesday. The adjustments align with projections made by the Department of Energy-Oil Industry Management Bureau (DOE-OIMB), attributed to the ongoing armed conflict in the Middle East and production cuts by oil-producing countries. The DOE-OIMB releases projections every Friday for the following week, while retailers announce official adjustments every Monday which take effect on the following day. — VDV, GMA Integrated New
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