Motorists will face higher fuel prices beginning Tuesday, as retailers announced increases for both gasoline and diesel after two weeks of price drops. In separate announcements, Cleanfuel, Petro Gazz, Seaoil Philippines Corp., and Shell Pilipinas Corp. stated that gasoline prices will rise by P1.10 per liter, while diesel prices will increase by P0.20 per liter.
There will be no change in the price of kerosene.
These price adjustments will take effect at 6 a.m. on Tuesday, September 24, for all companies except Cleanfuel, which will implement its increase at 4:01 p.m. on the same day. Other fuel companies have not yet announced their plans for the week.
The Department of Energy-Oil Industry Management Bureau (DOE-OIMB) previously predicted an increase for gasoline and noted that there would be no change or a potential increase for diesel and kerosene. This forecast is based on factors such as an interest rate cut in the United States, ongoing tensions in the Middle East, maintenance activities at a Japanese refinery, and the removal of subsidies for 95-octane gasoline in Malaysia.
Last week, fuel prices had decreased, with gasoline prices dropping by P1.00 per liter, diesel by P1.30, and kerosene by P1.65.
As of September 17, 2024, the year-to-date adjustments show a net increase of P4.85 per liter for gasoline and P1.75 per liter for diesel, while kerosene has seen a net decrease of P6.35 per liter.
You Might Be Interested In
- What is the Cost of Natural Gas per Gallon?
- Why is Diesel More Expensive Than Gasoline Now?
- Where Can You Store Gasoline?