Pump prices rise; gasoline up P0.50
The price hike will take effect this morning, 3 September, for most companies
Daily TribuneThe price hike will take effect this morning, 3 September, for most companies
(FILE PHOTO)
Photo by Analy Labor
After just a week of rollback, the motoring public should brace anew for another round of fuel price increases this week.
In separate advisories on Monday, local oil companies confirmed that the pump prices will increase by 50 centavos per liter for gasoline, 30 centavos per liter for diesel, and 70 centavos per liter for kerosene due to changes in global market conditions.
The price hike will take effect this morning, 3 September, for most companies.
Geopolitical tensions up anew
The Department of Energy’s Oil Industry Management Bureau (DoE-OIMB) had earlier forecasted this week’s upward adjustments.
According to the DoE-OIMB, the increase is driven by escalating geopolitical tensions and a sudden halt in oil production and exports from Libya.
The recent price hike follows a rollback implemented last Tuesday, when fuel firms cut prices by P1.15 per liter for gasoline, P1.90 per liter for diesel, and P1.80 per liter for kerosene.
As of 27 August, fuel price adjustments have led to a net increase of P6.90 per liter for gasoline and P4.05 per liter for diesel year-to-date. Kerosene, meanwhile, has seen a net decrease of P4 per liter.
