Motorists will face higher fuel costs starting this week. On Monday, several companies announced increases in pump prices after last week’s reduction.
Seaoil Philippines Corp. and Shell Pilipinas Corp. have both confirmed they will raise prices per liter: gasoline will go up by P0.50, diesel by P0.30, and kerosene by P0.70. Cleanfuel will make the same adjustments but will not increase kerosene prices, as it does not offer this product.
The price hikes will take effect at 6 a.m. on Tuesday, September 3, for all companies except Cleanfuel. Cleanfuel’s price changes will begin at 4:01 p.m. on the same day.
As of now, other fuel providers have not announced their price changes for the week. The Department of Energy‘s Oil Industry Management Bureau (DOE-OIMB) had anticipated this increase due to rising geopolitical tensions and a halt in oil production and exports from Libya.
Last week, fuel prices were reduced: gasoline by P1.15 per liter, diesel by P1.90 per liter, and kerosene by P1.80 per liter.
Despite these reductions, year-to-date adjustments now show a net increase of P6.90 per liter for gasoline and P4.05 per liter for diesel. Conversely, kerosene has seen a net decrease of P4.00 per liter as of August 27, 2024.