Oil Firms to Impose Fuel Price Adjustment Next Week
OIL PRICE UPDATE – Several oil firms are set to impose another round of increases for gasoline prices starting next week.
Motorists in the Philippines should brace themselves for yet another round of increases at the pump as gasoline prices are expected to climb on Tuesday (May 30, 2023).
According to Unioil Petroleum Philippines, a reputable fuel company, the per-liter price of gasoline may see an uptick ranging from P1.00 to P1.20. As fuel price adjustments are typically announced every Monday and implemented the following day.
Filipino drivers can anticipate these changes to take effect during the trading week of May 30 to June 5, 2023.
Diesel prices, however, are expected to remain stable with no projected changes in the near future. It is crucial for consumers to stay updated about the oil price adjustment as they impact overall expenses.
The recent price adjustments that came into effect on Tuesday, May 23, 2023, have already impacted the wallets of motorists. During this adjustment, gasoline prices surged by P0.80 per liter, while diesel experienced a more moderate increase of P0.60 per liter.
Simultaneously, kerosene prices received a slight reprieve with a reduction of P0.10 per liter.
When considering the year-to-date performance of fuel prices, a notable disparity emerges between different types of fuel. Diesel prices have experienced a net decrease of P5.05 per liter.
Similarly, kerosene prices have seen a net decrease of P6.40 per liter. On the other hand, gasoline prices have seen a net increase of P5.00 per liter since the beginning of the year. This surge has placed a burden on car owners and commuters who depend on gasoline-powered vehicles.
What can you say about the looming oil price changes? Just feel free to leave your comments and reactions to this article.
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