Gas Stations to Implement Oil Price Hike Next Week
FUEL PRICE UPDATE – Several gas stations in the country are set to implement an oil price hike starting next week.
Filipino drivers may need to set aside a little more for fuel next week as pump prices are once again expected to increase.
According to the Department of Energy, early trading results show that oil products will likely see an increase. The final numbers will be confirmed after Friday’s trading, but the trend points to higher costs across the board.
Gasoline may go up by about P0.50 per liter, diesel by around P0.40, and kerosene by roughly P0.10.
Several factors are pushing prices upward. A recent drop in US crude stockpiles signaled stronger refinery demand, while tensions in the Middle East and the strained relationship between the US and Russia continue to unsettle the market.
“Yung pagbaba ng tax ng United States for the week ending on Aug. 15 na sinasabi po nila, mataas yung kanilang refinery demand,” DOE Assistant Director Rodela Romero said.
Industry players explained that prices dipped slightly earlier in the week as hopes for progress in Ukraine peace talks sparked optimism. However, the lack of clear agreements renewed fears of tighter sanctions on Russian oil, leading to a rebound in global prices.
Rising freight costs and steady summer demand in the US have also kept pressure on the market.
In the Philippines, oil firms announce adjustments every Monday, with new prices taking effect the following day. Just this week, gasoline rose by P0.60 per liter, while diesel and kerosene were reduced by P0.80 and P0.90, respectively.
With global supply conditions still unstable, analysts believe motorists should prepare for more price movements in the weeks ahead.
This is a developing report, just visit this website regularly or refresh the page for further updates.
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