Gas Stations Announce Oil Prices Hike for Fourth Consecutive Week
FUEL PRICE HIKE: Gasoline stations have announced that oil prices are set to increase for the fourth straight week.
The recent consecutive weeks of oil price hikes in the Philippines have several significant effects on the economy and daily life of Filipinos. Commuters will feel the pinch as jeepney, bus, and tricycle operators may raise fares to compensate for the higher fuel costs.
Oil price hike directly affects daily expenses for the majority of Filipinos who rely on public transportation.
On Monday (July 8, 2024), several oil companies announced the latest round of increases informing Filipino motorist to brace for higher fuel costs this week, marking the fourth straight week of fuel price hikes.
Chevron Philippines Inc. (Caltex), Seaoil Philippines Corp., and Shell Pilipinas Corp. have confirmed that starting Tuesday, July 9, 2024, they will raise the prices of gasoline by P1.60 per liter, diesel by P0.65 per liter, and kerosene by P0.60 per liter.
Cleanfuel will also impose the same changes, except for kerosene, which it does not offer. These adjustments will take effect at 6 a.m. for most companies, while Cleanfuel will implement the changes at 4:01 p.m. on the same day.
The Department of Energy’s (DOE) Oil Industry Management Bureau (OIMB) expected these increases due to several factors, including geopolitical tensions in the Middle East, unexpected large withdrawals in the United States, and optimistic forecasts for summer fuel demand.
This announcement follows last week’s price hikes of P0.95 per liter for gasoline, P0.65 per liter for diesel, and P0.35 per liter for kerosene.
As of July 2, 2024, the year-to-date adjustments reflect a net increase of P9.25 per liter for gasoline, P8.40 per liter for diesel, and P1.75 per liter for kerosene.
Other oil firms are expected to announce similar price adjustments later this week.
This is a developing report, just visit this website regularly or refresh the page for further updates.
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