Oil Companies to Implement Price Increases This Week
OIL PRICE UPDATE – Oil companies are set up implement a fuel price hike starting on Tuesday (June 13, 2023).
Motorists in the Philippines are facing another round of price increases at the pumps this week, as oil companies announce hikes of over P1 per liter for gasoline, diesel, and kerosene. Following a recent rollback, this surge in fuel prices is expected to impact the wallets of commuters.
Chevron Philippines Inc. (Caltex), Pilipinas Shell Petroleum Corp., and Cleanfuel have released separate advisories detailing the upcoming price adjustments. These companies will impose increases of P1.20 per liter for gasoline, P1.40 per liter for diesel, and P1.30 per liter for kerosene.
Cleanfuel will similarly impose price increases, with the exception of kerosene, which it does not carry.
The price changes are set to take effect on Tuesday, June 13, 2023. Other companies are yet to make similar announcements later this week. Caltex will adjust prices at 12:01 am, Cleanfuel at 4:01 pm, and other companies at 6 am.
The Organization of the Petroleum Exporting Countries and its Allies’ (OPEC+) announced drop in output target has contributed to the expectation of rising fuel costs.
Last week, oil firms adopted a price cut, reducing gasoline prices by P0.60 per liter, diesel prices by P0.30 per liter, and kerosene prices by P0.60 per liter.
According to data from the Department of Energy (DOE), the net rise for gasoline is P5.50 per liter, while diesel sees a net decrease of P5.35 per liter and kerosene has a net decline of P7.35 per liter as of June 6, 2023.
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