Gas Stations Set to Impose Another Round of Oil Price Hike Next Week
OIL PRICE UPDATE – Several fuel companies are set to implement another round of oil price hike next week.
Fuel prices have become an unwelcome rollercoaster for Filipino motorists. Oil companies are set to impose another hike on prices of petroleum products including gasoline, diesel and kerosene next week.
According to a local oil industry sources, gasoline prices may rise by P0.20 to P0.40 per liter, diesel will go up by P0.80 to P1.00 per liter and kerosene prices of kerosene might increase by P0.90 to P1.10 per liter.
The expected price hikes would mark the eighth consecutive oil price increase for gasoline and the ninth for both diesel and kerosene.
The Department of Energy-Oil Industry Management Bureau (DOE-OIMB) Assistant Director Rodela Romero reported that the expected price adjustments were derived from oil trading data from August 28 to 31, 2023.
According to Romero, the projected price hikes are influenced by several factors that have had a significant impact on global oil markets.
READ ALSO: Gas Firms Announced Oil Price Hike On Tuesday (August 29, 2023)
“We will be expecting another round of increase on the prices of petroleum products. This is attributed to China’s stimulus measure to alleviate fuel demand, the hurricane Idalia that hit the oil production and power generation facilities in the US Gulf of Mexico, and US government data showing tighter expected crude supplies,” Romero said.
For consumers in Metro Manila, the current retail prices for petroleum products vary. Gasoline prices range from P60 to P81.05 per liter, diesel falls within the range of P58.95 to P72.20 per liter, and kerosene is priced between P76.65 and P89.30 per liter.
Gasoline stations usually make announcements every Monday and implement these changes on the following day.
This is a developing report, just visit this website regularly or refresh the page for further updates.
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