Double-digit fuel price hike marks 11th week of rising fuel costs

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Metro Manila (CNN Philippines, March 14) — Several fuel firms announced on Monday an even larger price increase this week, marking the eleventh upward rate adjustment in a row.

Caltex, Cleanfuel, Petron, Total, and Unioil announced on Monday that effective 6 a.m. this Tuesday, they will be hiking prices of diesel by ₱13.15 per liter and gasoline by ₱7.10/l.

Caltex and Petron will also be raising kerosene prices by ₱10.50/l.

This week's hike is much higher than that of the previous week, where prices of gasoline climbed by ₱3.60/l, diesel by ₱5.85/l, and kerosene by ₱4.10/l.

Prices of gasoline, diesel, and kerosene have gone up by ₱13.25/l, ₱17.50/l and ₱11.40/l since the start of 2022, according to the Department of Energy's most recent oil monitor.

Energy chief Alfonso Cusi told CNN Philippines they expect a continued double-digit fuel price hike in the weeks ahead, even as subsidies are increased for affected sectors.