Oil Firms Announce Fuel Price Hike Next Week
OIL PRICE UPDATE – Several oil companies announced a fuel price hike starting next week – July 18-24, 2023 trading week.
Motorists in the Philippines may need to prepare for an increase in pump prices as fuel costs are projected to surge next week, according to Unioil Petroleum Philippines Inc. Oil companies are set to implement mixed adjustments in pump prices next week.
The price of gasoline will likely increase by P1.80 to P2 per liter, while diesel prices are expected to rise by P1.90 to P2.10 per liter. These changes are planned to take effect from July 18 to 24.
Cleanfuel predicts a possible reduction of ₱0.60 per liter for gasoline and a ₱0.20 per liter price increase for diesel. Another industry source estimates a potential upward adjustment for diesel ranging from ₱0.40 to ₱0.50 per liter, while gasoline may see a decrease of ₱0.35 to ₱0.45 per liter.
Experts attribute the forecasted fuel price hike to Russia’s decision to cut its oil supply, causing concerns over tightening supply. According to Jetti Petroleum President Leo Bellas, Russia’s announcement of reduced supply has instilled market fears.
The conflict between Russia and Ukraine, which began in 2022, has significantly impacted petroleum prices, with the average cost reaching at least ₱55 per liter in Metro Manila.
Final price adjustments will be announced by oil companies on Monday, to be implemented the following day.
Motorists are advised to stay updated on the latest fuel prices and adjust their budgets accordingly.
The Department of Energy reported the year-to-date net decline in diesel costs is P2.95 per liter, while kerosene prices have decreased by P5.50 per liter. In contrast, gasoline prices have increased by P5.65 per liter.
What can you say about the looming oil price hike? Just feel free to leave your comments and reactions to this article.
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