Oil Price Hike Expected This Week, DOE Says
FUEL PRICE UPDATE – Filipino motorists are advised to brace for the upcoming oil price hike this week (June 18, 2024).
Various oil companies in the country are set to implement a huge price increase on Tuesday. The price increase comes after several weeks of price rollbacks, effectively offsetting previous reductions.
According to advisories from Chevron Philippines Inc. (Caltex), Shell Pilipinas Corp., and Petro Gazz, the new prices will take effect starting 6 a.m. on Tuesday.
- Gasoline prices will rise by P0.85 per liter
- Diesel prices will increase by P1.75 per liter
- Kerosene prices will go up by P1.90 per liter
Shell Pilipinas and Caltex, while Petro Gazz will adjust gasoline and diesel only.
The price adjustments aim to balance out the decreases that were implemented last week, where gasoline prices were reduced by P0.60 per liter, diesel by P1.20 per liter, and kerosene by P1.30 per liter.
As of June 11, 2024, the total adjustments for the year show a net increase of P6.05 per liter for gasoline and P4.25 per liter for diesel, with kerosene seeing a net decrease of P1.55 per liter.
The increase in fuel prices is attributed to higher global demand forecasts from the United States and the Organization of Petroleum Exporting Countries (OPEC).
The Department of Energy (DOE) noted last week that unexpected declines in US crude inventories, uncertainties over the US Federal Reserve’s interest rate decisions, reduced Saudi exports to China, and potential US strategic petroleum reserve purchases are contributing factors pushing prices upwards.
Oil companies Shell Pilipinas, Caltex, and Petro Gazz have confirmed these adjustments, while other firms have yet to announce their plans for the week. Motorists are advised to prepare for these changes and monitor further updates from gasoline stations.
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The social media users expressed their reactions to the looming pump price hike:
