Gas Stations to Implement Oil Price Hike on Tuesday (February 20, 2024)
Various gasoline stations in the Philippines announced an oil price hike starting Tuesday (February 20, 2024).
Gasoline, diesel, and kerosene prices at the pump are set to rise by more than P1 per liter, according to the Department of Energy. The looming price increase follows a slight decrease last week.
Pilipinas Shell Petroleum Corp. and Seaoil Philippines Corp. declared they would raise the gasoline prices by P1.60 per liter, diesel by P1.10 per liter, and kerosene by P1.05 per liter. Cleanfuel is also increasing its gasoline and diesel prices, though it doesn’t sell kerosene.
These changes will take effect at 6:00 a.m. except Cleanfuel, which will change at 4:01 p.m. on Tuesday, February 20. on the same day.
Other fuel firms haven’t yet disclosed any changes similar to the announcement. The Department of Energy’s Oil Industry Management Bureau (DOE-OIMB) forecasts these price rises.
The DOE-OIMB’s forecasts from last week considered a number of factors, including the fighting at the Lebanese border, interruptions to shipping in the Red Sea and the Suez Canal, an increase in US crude stockpiles, and the anticipation of high oil demand this year.
Last week, gasoline prices dropped by P0.60 per liter, diesel by P0.10 per liter, and kerosene by P0.40 per liter.
However, as of February 13, 2024, the DOE’s year-to-date statistics shows considerable net increases: P4.45 for gasoline, P4.30 for diesel, and P0.45 for kerosene per liter.
The Department of Energy’s Oil Industry Management Bureau’s Director III, Rodela Romero, has previously noted that increasing Middle Eastern conflicts, disruptions in Red Sea shipping, and an increase in US crude stockpiles might all lead to increased oil prices.
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