Oil Price Hike Expected on Tuesday (September 2, 2024)
FUEL PRICE UPDATE – Several gas stations are set to implement an oil price hike starting Tuesday (September 3, 2024).
Motorists should brace for higher fuel costs as oil companies are set to increase prices. The adjustment comes after last week’s price rollback, and this time, global economic and geopolitical factors are driving the rise.
On Tuesday, gasoline prices will see an increase of P0.50 per liter, while diesel prices will go up by p0.30 per liter. Kerosene will have the highest jump, with prices rising by P0.70 per liter.
Shell Pilipinas and Seaoil Philippines will implement the price changes at 6 a.m. Cleanfuel will follow later in the day, implementing the same adjustments at 4:01 p.m.
The Department of Energy’s Oil Industry Management Bureau (DOE-OIMB) has pointed out several reasons for the price hike. Among them are ongoing concerns about fuel demand in the United States and China, as well as escalating tensions in the Middle East.
A sudden stop in oil production in Libya has also contributed to the upward pressure on prices. Additionally, the possibility of the US Federal Reserve cutting interest rates in September is expected to influence global oil prices further.
This increase comes on the heels of a recent rollback in fuel prices, where gasoline was reduced by P1.15 per liter, diesel by P1.90 per liter, and kerosene by P1.80 per liter.
However, with this week’s hike, year-to-date adjustment show a total net increase of P6.90 per liter for gasoline and P4.05 per liter for diesel. Kerosene, on the other hand, has experienced a net decrease of P4.00 per liter.
Motorists should be informed about price changes and adjust their fuel consumption appropriately. These price changes show how closely linked the global economy is and how other factors can affect daily costs.
This is a developing report, just visit this website regularly or refresh the page for further updates.
RELATED POST: DOE Eyes Oil Price Hike on 1st Week of September