Fuel Firms to Impose Oil Price Hike On Tuesday (August 1, 2023)
OIL PRICE UPDATE – Several gasoline stations in the Philippines have announced a big-time oil price hike this week.
On Monday (July 31, 2023), various gasoline stations in the country announced a significant oil price hike for Tuesday (August 1, 2023), marking the third straight week of increases for gasoline.
The impending fuel price increase will be the fourth for diesel and kerosene.
Chevron Philippines Inc. (Caltex) and Pilipinas Shell Petroleum Corp. announced in separate advisories that gasoline prices will have an additional P2.10 per liter, diesel will increase by P3.50 per liter, and kerosene will rise by P3.25 per liter.
All oil companies are set to implement the fuel price adjustments at 6:00 am on Tuesday, except for Caltex, which will adjust prices at 12:01 am on the same day.
Meanwhile, other gasoline stations are expected to make similar announcements later this week.
Gas firms announce oil price hike for Tuesday (July 25, 2023)
Last week, gasoline prices jumped by P1.35, diesel by P0.45, and kerosene by P0.35.
The Department of Energy released the latest data available, indicating a total net increase of P8.90 per liter of gasoline, and net decreases of P0.40 per liter of diesel, and P3.35 per liter of kerosene.
The DOE’s Oil Industry Management Bureau had previously predicted a significant increase this week, citing movements in international prices amid expectations of tightening supplies in the United States and probable cutbacks in US shale oil production.
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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