Big-Time Oil Price Hike to Take Effect on Tuesday (March 26, 2024)

Gasoline Stations Announce Big-Time Oil Price Hike This Week

FUEL PRICE UPDATE – A big-time oil price hike is set to take effect on Tuesday (March 26, 2024) for the second week straight.

Oil price hike usually leads to increased operating expenses for public transportation vehicles such as buses, jeepneys, taxis, and tricycles. These costs are often passed on to commuters in the form of higher fares.

Recently, Filipino motorists are advised to brace for another round of increases at the gas pumps this week, as oil companies are set to impose another round of price hikes.

Leading petroleum companies such as Chevron Philippines Inc. (Caltex), Pilipinas Shell Petroleum Corp., and Seaoil Philippines Corp. have announced in separate notices that they will raise gasoline prices by P2.20 per liter, diesel by P1.40 per liter, and kerosene by P1.30 per liter.

Cleanfuel announced similar price adjustments, except for kerosene, which it does not carry. The price changes will take effect at 6 a.m. on Tuesday, for most companies, except for Cleanfuel, which will implement the price increase at 4:01 p.m. on the same day.

As of this writing, other fuel companies have yet to announce their plans for the week.

These price adjustments are in line with the forecasts provided by the DOE-OIMB, the Department of Energy, in considering recent events that include attacks on Russia’s major refineries in Ukraine, a decrease in Iraqi crude exports, and a significant decline in US crude and gasoline inventories.

Gasoline prices went up P0.10 a liter last week, but diesel prices dropped by the same amount.

As of March 19, 2024, the year-to-date changes for gasoline, diesel, and kerosene showed net increases of P5.55 and P3.70 per liter, respectively, and net decreases of P0.25 and P0.25 per liter.

This is a developing report, just visit this website regularly or refresh the page for further updates and information.