Another Round of Oil Price Hike Expected on Tuesday (September 12, 2023)
OIL PRICE UPDATE – Several fuel companies are set to implement another round of oil price hikes this week.
The unceasing surge in fuel prices continues to take its toll on consumers as gasoline prices are set to rise for the ninth consecutive week, with diesel and kerosene facing their tenth consecutive week of increases.
Pilipinas Shell Petroleum Corp. said in an advisory that it will raise gasoline prices by P0.20 per liter, diesel prices by P0.40, and kerosene prices by P0.20. Cleanfuel will make comparable modifications, except for kerosene, which the company does not carry.
The projected price adjustments will go into effect for Shell at 6 am on Tuesday (September 12, 2023) and for Cleanfuel at 4:01 pm on the same day. Other gasoline stations have yet to make similar announcements later this week.
Last week, gasoline prices surged by P0.50 per liter, diesel by P1.20, and kerosene by P1.10. Consumers, corporations, and governments are all concerned about these persistent increases.
According to the latest data from the Department of Energy (DOE), year-to-date net increases stand at P15.30 per liter for gasoline, P10.70 per liter for diesel, and P7.74 per liter for kerosene as of September 5, 2023.
The consecutive price increases for more than two months have had a significant impact on the budgets of Filipino households and businesses. The projected price increases are attributed to concerns about a potential supply shortage during the peak winter demand period.
Saudi Arabia and Russia, two major oil-producing nations, have extended their voluntary supply cuts until the end of the year. This move has led to uncertainty in global oil markets and pushed prices upward.
Previously, mixed oil price movements expected next week, DOE says
The social media users expressed their reactions to the looming oil price hike:
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