Another Big-Time Oil Price Hike (August 8, 2023), Gas Firms Announced
OIL PRICE UPDATE – Several fuel companies are poised to implement another significant oil price hike on Tuesday (August 8, 2023).
On Monday (August 7, 2023), gasoline stations across the country announced another round of substantial increases in the prices of petroleum products, particularly in diesel and kerosene. This will mark the fifth consecutive week of price increases for both diesel and kerosene.
Pilipinas Shell Petroleum Corp. has revealed its plans to raise gasoline prices by P0.50 per liter, diesel prices by a hefty P4.00 per liter, and kerosene prices by P2.75 per liter. Cleanfuel will also implement similar adjustments for gasoline and diesel, but it does not carry kerosene.
Most gas stations will apply the fuel price adjustment at 6:00 am, while Cleanfuel will impose the price change at 4:01 p.m. on the same day. Other oil companies are expected to make similar announcements later this week.
The latest available statistics from the DOE show a net increase of P11.00 per liter for gasoline and P3.10 per liter for diesel as of August 1, 2023, while kerosene saw a net decrease of P0.10 per liter.
Many motorists are finding it increasingly difficult to manage their spending as fuel prices continue to rise. Commuters bear the weight of these increases, as public transportation fares often change in response to the heightened fuel costs.
Fuel price hikes not only affect transportation expenses but also contribute to price increases in essential goods and services, putting further strain on household finances. As the cost of fuel continues to soar, the overall cost of living for ordinary citizens also increases.
Last Tuesday (August 1, 2023), oil firm impose a big-time fuel price hike
What can you say about the looming big-time oil price hike? Just feel free to leave your comments and reactions to this article.
Thank you for visiting Philippine Trending News (Philnews.ph). You may also follow us on the following social media platforms; Facebook, Twitter, and YouTube