Gas Stations to Impose Big-Time Oil Price Hike on Tuesday (August 30)

Gas Stations to Implement Big-Time Oil Price Hike This Week

Several gas stations are set to impose a big-time oil price hike this week, which marks the second straight week of increases.

Nowadays, the cost of petroleum products is crucial to the economy of the nation. Pump price adjustment typically has a considerable effect on the nation’s cost of products and services.

The pump price hike would contribute to the daily burden of Filipino people especially those who were using public vehicles for a living and to individuals using private vehicles to reach their point of destination.

Oil Price Hike

Various oil companies in the Philippines announced another round of increases in the prices of petroleum products including gasoline, diesel, and kerosene. It will be the second week of the pump price hike.

The Pilipinas Shell Petroleum Corp. announced an additional amount of P1.40 per liter of gasoline, P6.10 per liter of diesel and kerosene.

Oil firms will impose the price adjustments at 6:00 am on Tuesday (August 30, 2022). Other gas companies will make similar announcements later this week.

Oil Price Hike

Oil companies will execute a significant price increase for the second week in a row, following a price increase last week of P0.70 for gasoline, P2.60 for diesel, and P2.80 for kerosene per liter.

The Director of the Department of Energy’s Oil Industry Management Bureau Rino Abad has warned that prices could increase as a result of movement in the global market and increased demand in the United States and Europe.

The Department of Energy (DOE) has released the latest data available indicating the year-to-date adjustments, which stand at a net increase of P18.15 per liter of gasoline, P31.70 per liter of diesel, and P27.10 per liter of kerosene as of August 23, 2022.

What can you say about the looming price increase? Just feel free to leave your comments and reactions to this article.

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