Gas Stations to Implement Major Oil Price Hike This Week
OIL PRICE UPDATE – Several gas stations in the Philippines confirmed a major oil price hike on Tuesday (August 15, 2023).
Motorists and consumers across the Philippines are bracing themselves for another surge in fuel prices this week, as oil firms announced the fifth consecutive week of price increases for gasoline, and the sixth consecutive week for both diesel and kerosene.
Leading oil companies, including Pilipinas Shell Petroleum Corp. and Seaoil Philippines Corp., announced upcoming price increases for their gasoline products in a series of separate advisories.
The price changes, set to take effect at 6 am on Tuesday, will result in a P1.90 per liter hike for gasoline, a P1.50 per liter increase for diesel, and a P2.50 per liter rise for kerosene. Meanwhile, Cleanfuel will impose similar price adjustments except for kerosene, which it does not carry.
All oil companies will adjust the prices at 6am except for Cleanfuel which will adjust prices at 4:01 pm the same day.
Fuel price increases can be related to a number of global events and forces. Saudi Arabia, a major oil producer, has reduced production, which has had a significant impact. The decline in output has directly impacted worldwide supply, resulting in an increase in prices.
Last week, gasoline prices increased by P0.50, diesel by P4.00, and kerosene by P2.75 per liter.
As of August 8, 2023, the DOE’s Oil Industry Management Bureau (OIMB) released the latest date showing the significant year-to-date net increases, totaling to P11.50 per liter for gasoline, P7.10 per liter for diesel, and P2.60 per liter for kerosene.
The social media users expressed their reactions to the impending fuel price hike:
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