Oil Firms Set To Implement Fuel Price Hike This Week
OIL PRICE UPDATE – Several oil firms are set to implement another fuel price hike following three straight weeks of rollbacks.
On Monday (May 15, 2023), motorists in the Philippines are set to face yet another increase in fuel prices, as oil companies announced upward adjustments following three consecutive weeks of rollbacks.
This news comes as a significant blow to Filipinos, who have already been struggling with the financial burden caused by the ongoing pandemic.

Pilipinas Shell Petroleum Corp., Seaoil Philippines Corp., and Cleanfuel have all issued different advisories stating that they will raise gasoline prices by P0.35, diesel rates by P1.40, and kerosene prices by P1.20 per liter.
Cleanfuel, on the other hand, will not carry kerosene and so will not undergo the same adjustments.
The price changes will take effect on Tuesday, May 16, 2023, at 6 am except for Cleanfuel, which will apply the changes at 4:01 pm on the same day. The Department of Energy (DOE) has already projected the price increase, blaming it on a drop in supplies in the United States.

As of May 9th, 2023, the year-to-date net increase for gasoline is P3.85 per liter, while the net decreases for diesel and kerosene are P7.05 per liter and P7.50 per liter, respectively, according to the most recent DOE data.
This increase in fuel prices will surely put more strain on consumers, particularly those who rely on vehicles for a living.
What can you say about the looming pump price hike? Just feel free to leave your comments and reactions to this article.
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