Fuel Companies to Impose Another Round of Oil Price Hike This Week
OIL PRICE HIKE – Filipino motorists will once again face higher fuel prices as oil firms announce another round of price hikes.
Motorists in the Philippines will once again face higher prices for petroleum products as oil firms announce another round of price hikes. This comes after two weeks of cuts for gasoline and three weeks for diesel and kerosene.
Pilipinas Shell Petroleum Corp. and Seaoil Philippines Corp. have announced that they will increase prices per liter of gasoline by P1.40, diesel by P0.50, and kerosene by P0.50. Cleanfuel will also increase prices for gasoline and diesel by the same amount but will not adjust prices for kerosene since it is not carried.
These changes will take effect on Tuesday (April 4, 2023) at 6 a.m. for Pilipinas Shell Petroleum Corp. and Seaoil Philippines Corp. Cleanfuel will adjust prices earlier at 4:01 a.m. on the same day.
This announcement follows a rollback in prices for all petroleum products last week, with gasoline being cut by P0.85 per liter, diesel by P1.30 per liter, and kerosene by P1.90 per liter.
According to the latest data from the Department of Energy, there has been a net increase of P4.65 per liter for gasoline, while there have been net decreases of P4.15 per liter for diesel and P5.55 per liter for kerosene as of March 28, 2023.
The fluctuation in prices for petroleum products is due to various factors such as global oil prices, supply and demand, and taxes. As such, prices are subject to change frequently.
Motorists are advised to plan their trips accordingly and to be mindful of their fuel consumption during this period of higher prices.
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