Mixed Pump Price Adjustment Seen Next Week, Oil Companies Say
OIL PRICE UPDATE – Various oil companies in the country are expected to impose mixed pump price adjustments next week.
Surging fuel prices have been making headlines across the world in recent months, as a range of factors, from supply chain disruptions to geopolitical tensions, have combined to drive up costs for consumers and businesses alike.
For consumers and businesses, the impact of surging fuel prices can be significant. For individuals, higher gas prices mean less money in their pockets for other expenses, such as groceries or entertainment.
Recently, Unioil Petroleum Philippines announced that mixed movements in fuel prices are expected in the coming week. This announcement comes as global crude oil prices have been fluctuating in response to a range of factors, including the ongoing COVID-19 pandemic, geopolitical tensions, and supply and demand dynamics.
According to Unioil, one of the Philippines’ leading independent oil companies, prices for gasoline will go up by P0.80 to P1.00 per liter, diesel prices may have no price movement to a rollback of P0.10, kerosene prices may also go down by P0.40 to P0.80 per liter.
These mixed movements in fuel prices come at a time when the Philippine government is considering a range of measures to address rising inflation and support economic growth.
Gasoline stations usually make announcements every Monday and implement them every Tuesday. The project oil price adjustments are still subject to change.
The Department of Energy has released the latest data available showing the year-to-date total price adjustment, which stands at a total net increase of P5.30 per liter of gasoline, P2.40 rollback per liter of diesel, and P2.30 price cut per liter of kerosene.
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