MANILA, Philippines — The Department of Energy (DOE) on Monday announced that oil companies have agreed to stagger price increases for this week as the Middle East conflict continued to disrupt global supply and prices.
Energy Secretary Sharon Garin said the move would take effect on March 10 when diesel and gasoline were expected to spike between P17.50 and P24.25 per liter and from P7 to P13 per liter respectively based on the pricing of local oil companies.Meanwhile, the cost of kerosene, is expected to soar between P33.00 and P38.50 per liter.
Among the oil firms which agreed to stagger their prices were Shell, Petron, Total, Chevron (Caltex), Jetti Petroleum, and Seaoil Phils. Inc.
No details are available as to how fuel prices will be staggered.
This is the 8th consecutive week that oil prices have been raised.
Last week, gasoline prices increased by P1.90 per liter, diesel by P1.20 per liter and kerosene by P1.50 per liter.
