Oil Price Hike Expected on Tuesday (July 25, 2023), Gas Firms Say
FUEL PRICE UPDATE – Several gas stations in the country have announced another oil price hike scheduled for Tuesday, July 25, 2023.
The Philippines is bracing for another round of fuel price increases, with gasoline experiencing its second consecutive week of hikes and diesel and kerosene facing their third consecutive week of price adjustments.
Pilipinas Shell Petroleum Corp. and Seaoil Philippines Corp. have recently declared an additional increase of P1.35 per liter for gasoline, P0.45 per liter for diesel, and P0.35 per liter for kerosene.
These projected price adjustments will come into effect at 6 am on Tuesday, July 25, with the exception of Cleanfuel, which will implement the changes at 4:01 pm on the same day.
Other oil companies have yet to release their official announcements regarding price adjustments for this week. Last week, companies raised gasoline prices by P1.90, diesel prices by P2.10, and kerosene prices by P1.80.
According to the Oil Industry Management Bureau of the Department of Energy (DOE), gasoline prices were predicted to surge, while diesel prices were anticipated to decrease due to production cuts by Saudi Arabia and Russia, sluggish Chinese economic growth, and tightening US crude supply.
Last week, Filipino motorists expressed their disappointment due to big-time oil price hike.
The most recent data from the DOE, as of July 18, 2023, indicates a year-to-date net increase of P7.55 per liter for gasoline, along with net decreases of P0.85 per liter for diesel and P3.70 per liter for kerosene.
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