Another Round of Fuel Price Increase Expected This Week, Oil Companies Say
OIL PRICE UPDATE – Several oil companies have confirmed another round of fuel price increases this week.
Petroleum product prices have played an important role in the country’s economy throughout the last few decades. Pump price adjustments typically have a considerable impact on the prices of goods and services throughout the country.
Pump price increases would add to the everyday hardship of Filipinos, particularly those who rely on public transportation for a living and those who rely on private vehicles for transportation.
Filipino motorists across the Philippines are feeling the financial strain as gasoline prices increases for the eighth straight week and diesel and kerosene experience their ninth consecutive hike.
On Monday (September 4, 2023), Pilipinas Shell Petroleum Corp. and Seaoil has announced that they will raise gasoline prices by P0.50 per liter, diesel by P1.20, and kerosene by P1.10 per liter. The oil price adjustments are set to take effect at 6 a.m. on Tuesday, September 5, 2023.
Last week, consumers already faced an increase in prices, with gasoline up by P0.30 per liter, diesel by P0.70, and kerosene by P0.80. The consecutive oil price hikes have contributed to the financial burden of our countrymen.
As of August 29, 2023, according to the Department of Energy, the year-to-date net increases for gasoline are P14.80 per liter, P9.50 per liter for diesel, and P6.64 per liter for kerosene.
Other gasoline stations are set to make similar announcements later this week.
The Department of Energy’s Oil Industry Management Bureau (OIMB) predicted these ongoing pump price hikes. Several factors such as natural disasters, supply constraints, and global economic factors contribute to this unfortunate trend.