Fuel price increase is expected starting on Tuesday (April 15, 2024), according to various oil companies.
Motorists in the Philippines should be aware that gasoline prices will increase by P0.40 per liter, diesel prices by P0.95 per liter, and kerosene prices by P0.85 per liter, according to advisories issued by Pilipinas Shell Petroleum Corp. and Seaoil Philippines Corp.
Oil Companies to Impose Pump Price Hike on Tuesday (April 16, 2024)
Pump Price Hike Expected on Tuesday (April 16, 2024), Oil Companies Say
FUEL PRICE UPDATE – Several oil companies are set to impose another pump price hike for the fourth consecutive week.
The increase in oil prices has a major impact on consumers in the Philippines, especially commuters and drivers who depend largely on fuel for transportation. The rising cost of transportation results from rising fuel prices, which could lower consumer purchasing power and create inflationary pressures.
Furthermore, as a result of rising operating costs, companies in a variety of industries are now feeling the strain of rising oil prices. Transportation, logistics, and manufacturing are three industries that rely substantially on gasoline.
These industries must manage rising prices to stay competitive.
On Monday (April 15, 2024), various gasoline stations in the country announced another round of fuel price hikes starting on Tuesday, April 16, 2024. The prices of gasoline, diesel and kerosene are expected to increase, simultaneously.
Pilipinas Shell Petroleum Corp., and Seaoil Philippines Corp released advisories informing Filipino motorists that gasoline prices will increase by P0.40 per liter, diesel prices will go up by P0.95 per liter and kerosene will jump by P0.85 per liter.
Cleanfuel, Jetti Petroleum Inc, and Petro Gazz will implement similar price adjustments except for kerosene which they do not carry.
All firms will impose the oil price changes at 6 a.m. on Tuesday, except for Cleanfuel which will raise prices at 4:01 p.m. the same day.
Director III Rodela Romero of the Department of Energy’s Oil Industry Management Bureau stated last week that “an intensified geopolitical concerns in Gaza Strip wherein Israeli’s airstrikes killed the three children of a Hamas leader” may be the cause of the expected spike in fuel prices.
“Though, inventory build up of crude and fuels in the US tempered the oil price increase,” Rodero said.
Previously, Another Round of Oil Price Hike Next Week, Fuel Firms Say
The social media users expressed their reactions to the announcement:
