Gasoline Stations to Impose Another Big-Time Oil Price Hike This Week
FUEL PRICE ADJUSTMENTS – Gasoline stations are set to implement another big-time oil price hike starting on Tuesday (June 25, 2024).
As June draws to an end, another huge increase in fuel prices marks the second consecutive week of price hikes. Filipino motorists were advised to brace for a looming fuel price increase.
Major oil companies in the Philippines such as Seaoil Philippines Corp. and Shell Pilipinas Corp announced a price increase of P1.40 per liter of gasoline, P1.75 per liter of diesel, and P1.05 per liter of kerosene.
Last week, diesel and kerosene prices climbed by P1.75 and P1.90 per liter respectively, while gasoline increased by P0.85 per liter.
The Department of Energy’s Oil Industry Management Bureau (DOE-OIMB) director Rodela Romero cited the Ukrainian drone strike on a major Russian oil terminal, escalating conflicts in the Middle East and persistent geopolitical tensions and supply risks for these increases.
“Last June 18, a Ukrainian drone strike caused a fire at a major Russian oil terminal while Israel’s “all-out war” with Lebanon’s Hezbollah contributed to the tension,” Romero said.
As of June 18, 2024, the total price adjustments show net increases of P6.90 per liter for gasoline, P6.00 for diesel, and P0.35 for kerosene, since the beginning of the year.
Most oil companies, including Seaoil, Shell, PetroGazz, and Cleanfuel, will implement these changes at 6 a.m. on Tuesday, with Cleanfuel adjusting prices slightly later at 4:01 p.m. the same day.
Other oil companies have yet to make similar announcements later this week.
Surging oil prices may lead to higher fuel prices directly impacting public transportation fares, increasing costs for companies relying on transportation and logistics, it can contribute to overall inflation as costs ripple through the economy, and may
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