Oil firms to hike prices anew on Tuesday

Updated Mon, September 18, 2023 at 11:25 AM Published Fri, September 15, 2023 at 3:44 PM

Oil companies are set to implement another round of price increases for fuel products on Tuesday, September 19.

Gasoline prices will go up by P2.00 per liter, diesel by P2.50 per liter, and kerosene by P2.00 per liter.

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

Multiple oil firms, including Shell, Seaoil, Caltex, Cleanfuel, Unioil, Phoenix Petroleum, Jetti, Petrogazz, and Petron, will implement these adjustments with slight variations in timing on Tuesday.

The global context for these increases includes rising crude costs, tighter supply outlook due to production cuts from Saudi Arabia and Russia, supply disruptions in Libya, and inventory withdrawals in the United States.

Since July 11, pump prices have already increased by P17.30 per liter for diesel, P11.85 per liter for gasoline, and P15.94 per liter for kerosene.

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