Fuel Firms to Impose Oil Price Hike Next Week
FUEL PRICE UPDATE – Various fuel companies are expected to impose another oil price hike on the first week of September.
Filipino motorists may have to spend more for fuel soon, as another round of price hikes is expected in the coming week. It will mark the third straight week of increases for gasoline, adding to the growing concern of drivers already feeling the pinch.
Industry watchers project that gasoline prices could go up by around P0.40 to P0.60 per liter, while diesel may see a bigger jump of P0.80 to P1.00 per liter. Kerosene is also likely to rise by roughly P0.50 per liter.
These estimates are based on international trading over the past four days and will be finalized when oil firms announce their official price adjustments on Monday, which will take effect the following day.
Experts point to several reasons behind the expected hikes. Global oil prices have been climbing due to a sharper-than-expected drop in US crude inventories and the possible effects of new US tariffs on India.
Concerns about supply disruptions caused by the ongoing Russia-Ukraine conflict have also been adding pressure to prices.
At the same time, there are factors preventing prices from rising even higher. Demand in the US is expected to slow down now that the summer driving season is ending, and OPEC+ members are preparing to increase their oil production in September, which could help balance the supply situation.
This week, gasoline prices already went up by P0.70 per liter, diesel by P0.50, and kerosene by P0.30. Many motorists are expected to plan their fuel purchases carefully to get ahead of next week’s adjustments.
This is a developing report, just visit this website regularly or refresh the page for further updates.
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