Gas Stations to Impose Oil Price Hike This Week
FUEL PRICE UPDATE – Various gasoline stations in the country are set to implement an oil price hike this week.
As Christmas approaches, fuel prices are set to increase. Major fuel companies including Shell, Seaoil, Cleanfuel, and Petro Gazz will raise their prices.
Gasoline and diesel prices will rise by P0.80 per liter, while kerosene will see a slight increase of P0.10 per liter. Cleanfuel will implement the changes later in the day, at 4:01 p.m., while other companies will apply the new prices starting at 6 a.m.
The looming oil price increase marks the fourth consecutive week of gasoline price hikes. Just last week, gasoline prices went up by P0.40 per liter, while diesel adjusted down by P0.50 and kerosene prices dropped by P0.75 per liter.
As of early December, the year-to-date adjustments show an increase of P11.35 per liter for gasoline and P9.55 per liter for diesel, with kerosene seeing a decrease of P1.90 per liter.
Experts attribute the upcoming price hike to multiple factors. These include an expected surge in fuel demand, ongoing political instability in the Middle East, and delays in boosting production levels.
Previously, the Department of Energy had projected these increases for gasoline and diesel while a slight drop was expected for kerosene.
Oil companies generally announce these price changes on Mondays, with the new rates taking effect the following day. The looming oil price hike turned out to be higher than initially expected, leaving motorists with higher costs as they prepare for the holidays.
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