Fuel prices to increase again starting Sept 19

Fuel prices in the Philippines are set to increase again starting Tuesday, September 19, with gasoline prices rising by P2 per liter, diesel by P2.50 per liter, and kerosene by P2 per liter.

This marks the eleventh consecutive week of price hikes for diesel and kerosene, and the tenth for gasoline.

The cumulative price increase from the second week of July to the third week of September is P11.85 per liter for gasoline, P17.30 per liter for diesel, and P15.94 per liter for kerosene.

These adjustments are attributed to tighter supply due to voluntary production cuts by Saudi Arabia and Russia, supply disruptions in Libya, and an optimistic demand outlook from OPEC.

Global oil prices are anticipated to reach USD100 per barrel this year, with WTI crude currently trading at USD91.61 and Brent at USD94.64.

The Department of Energy advises motorists to be judicious in their fuel purchases, as the continuous rise in oil prices is expected to impact the cost of basic commodities.