Filipinos to Brace for Another Round of Oil Price Increases for Tuesday (August 22, 2023)
FUEL PRICE UPDATE – Various petroleum companies in the country confirm another round of oil price increases this week.
Motorists across the Philippines will once again be greeted with the unwelcome news of fuel price increases. In seven consecutive weeks, fuel prices are set to surge again, adding further strain to the budgets of consumers.
The expected price changes, which will go into effect at 6 am on Tuesday (August 22, 2023), are a direct result of surging global oil prices and increasing transport expenses.
On Monday (August 21), Shell, Chevron Philippines Inc., and Seaoil three big oil companies, have announced their plan to raise the prices of their fuel products, predicting a trend that other industry players are expected to follow.
These gasoline stations announced an additional P1.10 per liter of gasoline, P0.20 per liter of diesel, and P0.70 per liter of kerosene. Cleanfuel will impose similar price adjustments except for kerosene which it does not carry.
Meanwhile, other oil companies have yet to make similar announcement later this week.
RELATED ARTICLE: Gas Stations Confirm Major Oil Price Hike on Tuesday (August 15)
Last week, the DOE’s Oil Industry Management Bureau provided insights into the potential movements in fuel prices in anticipation of this announcement. While gasoline and kerosene were expected to witness price rises, diesel was projected to see no change or even a decrease.
These estimates are influenced by a variety of factors, including China’s economic crisis, signals of rising inflation in the United States, and unexpected drops in US inventories.
As of August 15, 2023, the price of gasoline increased by P13.40 per liter, P8.60 per liter of diesel and P5.14 per liter of kerosene, according to the Department of Energy’s latest data indicating the year-to-date net increases.
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