Big-time oil price hike Tuesday

Expect higher fuel prices when you gas up tomorrow (August 20).

In separate advisories, Caltex, Cleanfuel, Jetti, Petro Gazz, PTT, Seaoil, and Shell announced a P1 per liter price hike on gasoline and P1.20 per liter on diesel prices starting at 6 am on Tuesday.

Caltex, Seaoil, and Shell will also have price increments on kerosene by P1 per liter.

Other firms are expected to follow suit.

Industry experts said the global oil market turned optimistic with the better-than-expected economic data reports in the United States that could signal the US Federal Reserve System to ease its monetary policy, boosting oil demand.

Meanwhile, with the price adjustments last week, Department of Energy (DOE) data showed that gasoline and diesel prices year-to-date had a net increase of PHP7.05 and PHP4.75 per liter, respectively. Kerosene prices, on the other hand, had a net decrement of PHP3.15 per liter.

Currently, gasoline prices in Metro Manila range from P52 to P85.52 per liter, diesel from P49 to P72.24 per liter, and kerosene from P69.49 to P80.85 per liter.