Staggered increases: Oil price hikes set for June 24, 26, 27

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MANILA, Philippines (Updated 4:19 p.m.) — Oil companies have begun rolling out staggered price hikes starting June 24, following the Department of Energy’s (DOE) call to ease the impact of a looming P5-per-liter increase on consumers.

The DOE previously met with oil firms and urged them to implement price adjustments in phases due to geopolitical tensions in the Middle East, which pushed up global oil prices.

Shell and Seaoil announced they will implement two rounds of increases, on June 24 and June 26:

• Diesel: Up by P2.60 per liter
• Gasoline: Up by P1.75 per liter
• Kerosene: Up by P2.40 per liter

Caltex, meanwhile, scheduled its price hikes for June 24 and June 27:

June 24:

• Diesel: Up by P3.45 per liter
• Gasoline: Up by P2.25 per liter
• Kerosene: Up by P3.20 per liter

June 27:

• Diesel: Up by P1.50 per liter
• Gasoline: Up by P1 per liter
• Kerosene: Up by P1.40 per liter

DOE urges wider fuel relief

In its June 23 briefing, the DOE said it had asked oil companies to expand discounts for the transport sector and submit their final breakdowns of price adjustments. Energy Officer-in-Charge Sharon Garin described the move as part of a shared commitment to protect consumers from sudden shocks.

Fuel prices before hikes. As of June 23, the average pump prices stood at:

• Gasoline: P55.90 per liter
• Diesel: P53.40 per liter
• Kerosene: P70.22 per liter

The DOE earlier projected possible increases of up to:

• P3 per liter for gasoline
• P4.80 per liter for diesel
• P4.40 per liter for kerosene