Oil Companies to Implement Another Increase on Fuel Prices This Week
Motorists in the Philippines will have to brace themselves for another increase in fuel prices starting Tuesday (June 27, 2023).
Oil companies have announced a new increase following a rollback implemented during the first week of the month. Effective from 6 am on Tuesday, Pilipinas Shell Petroleum Corp. will raise the prices of gasoline by P0.20 per liter, diesel by P1.05 per liter, and kerosene by P1.20 per liter.
While other fuel companies have yet to make similar statements for the week, the newest revisions are marginally lower than the DOE’s Oil Industry Management Bureau forecasts.
The projections were based on the previous week’s first four trading days. Fuel prices increased by P1.20 per liter for gasoline, P1.40 for diesel, and P0.30 for kerosene in the previous week.
According to the most recent DOE data, there has been a net increase of P6.35 per liter in gasoline prices since the beginning of the year. As of June 20, 2023, diesel had a net drop of P4.05 per liter, and kerosene had a net decrease of P6.35 per liter.
The fluctuating fuel prices have become a recurring concern for motorists, as they impact household budgets and transportation costs. The rising prices not only affect private vehicle owners but also have a ripple effect on public transportation fares and the overall cost of goods and services.
These price adjustments are influenced by various factors such as changes in global oil prices, exchange rates, and local taxes.
The Philippine fuel market is highly dependent on international oil prices, which can be affected by geopolitical tensions, supply and demand dynamics, and global economic conditions.
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