Fuel Price Hike on Tuesday (August 29, 2023), Oil Firms Announced
Various oil firms in the country are set to impose another fuel price hike this week, marking the seventh straight week for gasoline and eight for diesel and kerosene.
On Monday (August 28, 2023), oil companies announced another round of increases for gasoline, diesel, and kerosene in the last week of August. The rising oil prices followed fears of supply cuts after Saudi Arabia announced the possible extension of oil production cuts until the end of the year.
Pilipinas Shell Petroleum Corp. and Seaoil Philippines Corp. announced in separate advisories that gasoline prices will increase by P0.30, diesel by P0.70, and kerosene by P0.80.
Cleanfuel will observe similar price adjustments except for kerosene which it does not carry. The adjustments are scheduled to take effect at 6 a.m. on Tuesday (August 29) for all companies, except for Cleanfuel, which plans to raise prices at 4:01 p.m. on the same day.
Other gasoline stations are yet to make similar announcements later this week.
As of August 22, 2023, the Department of Energy (DOE) released the latest data available showing the year-to-date net increases of P14.50 per liter for gasoline, P8.80 per liter for diesel, and P5.84 per liter for kerosene.
Last week, companies increased prices per liter of gasoline by P1.10, diesel by P0.20, and kerosene by P0.70.
As fuel prices continue their upward trajectory, consumers are likely to feel the impact of these adjustments, prompting a need for careful budget management. The consistent surge in fuel costs can lead to wider economic implications, affecting transportation and the overall cost of living.
READ ALSO: Oil price increases for Tuesday (August 22, 2023) confirmed
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