Motorists Brace for Big-Time Oil Price Hike as Oil Companies Raise Fuel Prices
Fuel companies advised the Filipino motorists to brace for looming big-time oil price hike on Tuesday (July 18, 2023).
Oil companies in the Philippines are set to implement significant increases in pump prices this week, affecting gasoline, diesel, and kerosene. This marks the second straight week of increases for both diesel and kerosene.
Pilipinas Shell Petroleum Corp. and Seaoil Philippines Corp. announced separate advisories indicating an additional P1.90 per liter of gasoline, P2.10 per liter of diesel, and P1.80 per liter of kerosene.
All gas station will implement the price adjustments at 6:00 am on Tuesday, July 18, except for Cleanfuel, which will impose price changes at 4:01 pm the same day.
Last week, oil firms reduced gasoline prices by P0.20 per liter while raising diesel and kerosene rates by P0.75 and P0.50, respectively.
As of July 14, 2023, the Department of Energy also released the latest data indicating a total net increase of P5.65 per liter of gasoline, a net drop of P2.95 per liter of diesel, and a net increase of P5.50 per liter of kerosene.
As motorists brace themselves for these hefty increases in pump prices, the impact will be felt not only in transportation costs but also in the overall cost of goods and services. Consumers and businesses alike will need to adjust their budgets to accommodate these rising fuel costs, creating additional challenges in an already challenging economic climate.
What can you say about the looming oil price hike? Just feel free to leave your comments and reactions to this article.
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