Oil Firms Set to Implement Big-Time Fuel Price Hike on Tuesday (August 20, 2024)

Gas Stations to Implement Big-Time Fuel Price Hike This Week

OIL PRICE UPDATE – Several oil firms in the country are set to implement a big-time fuel price hike this week.

Starting Tuesday (August 20, 2024), Filipino motorists will face an increase in fuel prices after several weeks of price cuts, oil companies have announced a huge rise in the cost of gasoline, diesel, and kerosene.

The prices of gasoline and kerosene will go up by P1.00 per liter, while diesel will increase by P1.20 per liter. These changes come after three weeks of decreases for gasoline and five weeks of reductions for both diesel and kerosene.

Big-Time Fuel Price Hike

Seaoil Philippines Corp. and Shell Pilipinas Corp. will be the first to make these adjustments, with new prices starting at 6 a.m. on Tuesday. Cleanfuel will implement the same increase for gasoline and diesel, but will not adjust kerosene prices, as it does not offer this product.

Cleanfuel’s new prices will take effect at 4:01 p.m. on the same day. Petro Gazz will also adjust its prices from 6 a.m. on Tuesday.

The looming price increase is influenced by several factors, including rising tensions in the Middle East and changes in U.S. financial policies. These global events have impacted fuel markets, leading to the upcoming price hike.

Big-Time Fuel Price Hike

In recent weeks, fuel prices were reduced significantly. Gasoline saw a cut of ₽2.45 per liter, diesel was lowered by P1.90 per liter, and kerosene decreased by P2.40 per liter.

Despite these reductions, the year-to-date price adjustments have resulted in a net increase of P7.05 per liter for gasoline and P4.75 per liter for diesel. Kerosene prices, on the other hand, have decreased by a net of P3.15 per liter as of August 13.

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

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