Fuel Price Hike Expected on Tuesday (May 28, 2024), According to Oil Firms
OIL PRICE UPDATE – Some oil companies in the country are set to implement a fuel price hike for the second consecutive week.
Filipino motorists will face higher fuel costs this week as prices for gasoline, diesel, and kerosene are set to increase for the second consecutive week.
Chevron Philippines Inc. (Caltex) and Shell Pilipinas Corp. have announced price hikes of P0.40 per liter for both gasoline and diesel, and P0.30 per liter for kerosene. Cleanfuel and Petro Gazz will implement the same price adjustments for gasoline and diesel except for kerosene, which they do not carry.
The updated rates will come into effect at 6:00 in the morning. with the exception of Cleanfuel, which will change its prices at 4:01 p.m. on Tuesday, on the same day. The price adjustments for this week have not yet been announced by other fuel companies.
The cost of fuel saw a minor decline last week, with the price of gasoline falling by P0.10 per liter. On the other hand, the cost of kerosene increased by P0.30 per liter and that of diesel by P0.25.
As of May 21, 2024, the year-to-date adjustments have resulted in a net increase of P7.15 per liter for gasoline and P4.45 per liter for diesel. Kerosene has seen a net decrease of P1.35 per liter.
Industry experts project that fuel prices will increase by P0.20 to P0.40 per liter by the end of May.
The Department of Energy (DOE) had forecasted lower increases, noting that the prices of gasoline, diesel, and kerosene had recently decreased due to lower expected demand for the rest of 2024.
However, the peso’s depreciation against the US dollar last week has also influenced the price hikes.
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