Several Fuel Firms to Impose Hike on Oil Prices
FUEL PRICE UPDATE – Various fuel firms in the country announced that oil prices were up for the fifth straight week.
Oil prices in the Philippines have been steadily increasing for the past several weeks. Fuel firms regularly adjust their prices to reflect changes in the global market.
Consumers in the Philippines usually monitor these price movements as they directly impact transportation costs, household budgets, and overall inflation rates. Rising oil prices can lead to increased expenses for commuters, businesses, and households across the country.
On Monday (February 5, 2024), oil companies announced another increase in pump prices, marking the fifth consecutive week of rising costs for gasoline and diesel, and the second week for kerosene.
Pilipinas Shell Petroleum Corp. stated that gasoline prices will go up by P0.75 per liter, diesel by P1.50, and kerosene by P0.80 per liter. Similarly, Cleanfuel will implement the same changes, except for kerosene, which it does not carry.
Shell will implement the price adjustments at 6 a.m. on Tuesday (February 6, 2024) while Cleanfuel will impose the changes at 4:01 pm on the same day.
As of this writing, other companies have not yet made announcements regarding price adjustments for the week.
The Oil Industry Management Bureau of the Department of Energy projected these price increases based on events such as fires and drone attacks on Russian oil facilities, as well as plans to prolong production cuts by OPEC and its allies.
RELATED ARTICLE: Another Round of Oil Price Hikes Expected Next Week
Oil companies increased the price of diesel by P1.30, kerosene by P0.45, and gasoline by P2.80 a liter last week.
The Department of Energy’s latest data shows that, as of January 30, 2024, there has been a minor net decrease of P0.05 per liter, with year-to-date net increases of P4.40 and P2.90 for gasoline and diesel, respectively.