Gas Stations Announce Fuel Price Hikes This Week
Several oil companies in the country are set to impose fuel price hikes after three weeks of consecutive rollbacks.
Filipino motorists should prepare for higher fuel costs this week as oil companies announce price increases following three weeks of consecutive rollbacks. Starting Tuesday, March 25, gasoline prices will rise by P1.10 per liter, while both diesel and kerosene will see an increase of P0.40 per liter.
Several major fuel providers, including Shell Pilipinas, Caltex, Seaoil, and Cleanfuel, will implement these adjustments. Most companies will enforce the new prices at 6 a.m., while Cleanfuel will apply the changes later in the afternoon at 4:01 p.m.
The Department of Energy’s Oil Industry Management Bureau (DOE-OIMB) identified key global factors contributing to the price surge. Increasing tensions in the Middle East, heightened oil demand in China due to economic stimulus programs, and a drop in U.S. fuel stockpiles have all played a role in pushing prices higher.
In the previous week, gasoline prices remained unchanged, while diesel and kerosene experienced slight reductions of P0.20 and P0.40 per liter, respectively. Before the new adjustments, gasoline prices in Metro Manila ranged from P55.40 to P71.95 per liter, diesel from P53.70 to P58.40 per liter, and kerosene at around P70.67 per liter.
Analysts believe that geopolitical events are significantly influencing fuel costs. Escalating conflicts in the Middle East, U.S. military activities affecting supply chains, and China’s increasing energy consumption have all contributed to price fluctuations.
However, the impact has been somewhat controlled as the U.S. Federal Reserve maintained interest rates and discussions of a potential ceasefire between Russia and Ukraine continue.
Meanwhile, OPEC+ nations, including Russia, have decided to cut oil production to balance previous overproduction. This move may further influence fuel prices in the coming weeks. Motorists are advised to stay updated as global factors continue to impact fuel costs.
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