Oil Firms Expect Another Round of Fuel Price Hike on Tuesday (August 15)

Another Round of Fuel Price Hike Expected on Tuesday (August 15), Oil Firms Say

Various oil firms in the country are expecting another round of fuel price hikes starting on Tuesday (August 15, 2023).

Diesel prices are set to increase for the sixth week in a row, indicating that the energy sector is still struggling. In spite of big players’ efforts to reduce production, consumers are prepared for yet another strike to their wallets at the pump.

The looming increase, which is set to take effect on August 15, 2023, will make diesel prices climb by P1.20 to P1.50 per liter. While this increase may look minor in comparison to previous increases, it contributes to a surging cumulative impact.

Oil Firms

Diesel prices have increased by more than P11 per liter since the beginning of July this year, putting a financial burden on both motorists and companies.

Gasoline prices are expected to go up by P1.60 to P1.90 per liter. This constant spike in gasoline prices reflects the greater problems facing the fuel business, as well as the unpredictable interaction of supply and demand factors.

Meanwhile, Kerosene prices are expected to rise by P2.20 to P2.50 per liter as part of the current round of increases, raising concerns among households who rely on this energy source.

On Tuesday (August 8, 2023), fuel companies impose big-time oil price hike

Oil Firms

Last week, different transport groups sought intervention from the Land Transportation and Franchising and Regulatory Board (LTFRB). The groups approached the regulatory body to request a nationwide fare hike of P2.

The impending hike in diesel prices serves as a stark reminder of the larger picture in which daily economic decisions are made.

This is a developing report, just visit this website regularly or refresh the page for further updates about the impending fuel price hike.

Thank you for visiting Philippine Trending News (Philnews.ph). You may also follow us on the following social media platforms; FacebookTwitter, and YouTube

Leave a Comment