Gas Firms Announced Another Round of Fuel Price Hike Next Week
OIL PRICE UPDATE – Various gas firms in the country are set to implement a fuel price hike starting next week.
Filipino consumers are advised to brace themselves for another round of price increases in diesel and kerosene for the fifth straight week. Gasoline will also suffer from a slight increase.
After four trading days, imported diesel has increased by P3.38 per liter, while imported kerosene has increased by P2.40 per liter. Gasoline prices have risen a bit, though just by P0.13 per liter.
According to the Department of Energy (DOE) Director Rino Abad, the production cut in Saudi Arabia is the primary reason behind these price hikes.
Over the past four weeks, diesel prices have increased by P6.80 per liter, gasoline by P5.35 per liter, and kerosene by P5.90 per liter.
Gasoline stations usually announce fuel price adjustments every Monday and implement them the next day.
The recent price adjustments resulted in a net increase of P11 per liter for gasoline and P3.10 per liter for diesel for the year-to-date adjustment. Meanwhile, kerosene has seen a net decline of P0.10 per liter year-to-date.
As of July 28, the Department of Energy’s data shows the current retail price monitoring in Metro Manila, with gasoline prices ranging from P55.00 to P79.07 per liter, diesel prices ranging from P49.95 to P67.23 per liter, and kerosene prices ranging from P67.45 to P80.10 per liter.
Last Tuesday (August 1, 2023), oil firms impose a big-time fuel price hike
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