Another Round of Oil Price Hike Expected This Week
OIL PRICE UPDATE – Gas stations are set to impose another round of oil price hikes on Tuesday (January 30, 2024).
The projected oil price hike marks the fourth consecutive week of price increases for gasoline and diesel, indicating more expenses for drivers.
According to announcements from major oil firms like Pilipinas Shell Petroleum Corp. and Seaoil Philippines Corp., gasoline prices will increase by P2.80 per liter, while diesel will see a hike of P1.30 per liter. Meanwhile, kerosene prices will rise by P0.45 per liter.
Cleanfuel will implement similar price adjustments, except for kerosene, which it does not sell. The changes are set to take effect at 6 a.m. on Tuesday, except for Cleanfuel, which will implement them at 4:01 p.m. on the same day.
The Department of Energy’s Oil Industry Management Bureau blames the upcoming price increase on developments in the international oil market. Factors contributing to the increase include the decline in the US crude stockpiles amidst high demand, coupled with China’s stimulus package aimed at economic recovery, which also influences oil demand.
Last week, gasoline stations imposed similar price hikes, with gasoline rising by P1.30 per liter and diesel by P0.95, while kerosene prices remained unchanged.
Department of Energy released a date indicating the year-to-date net increases of P1.60 per liter for both gasoline and diesel, while kerosene saw a net decrease of P0.40 per liter as of January 23, 2024.
Gasoline prices are witnessing a huge surge, nearing the P3 mark, which is the largest increase in 2024.
For motorists, the constant movements in fuel prices pose challenges in budgeting and planning. As prices continue to increase, consumers are left struggling with the impact on their daily expenses.
Previously, Fuel Firms Expect Big-Time Oil Price Hike Next Week
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