Fuel price hike over P1 per liter effective 1 April
Oil firms are expected to slash domestic pump prices in the next few days, with gasoline and diesel dropping by P1 to P1.30 per liter and kerosene by P1.20 to P1.35 per liter. In the video, pump attendants serve customers at a gas station in Ermita, Manila on Sunday, 8 September 2024.
Motorists will see another round of fuel price hikes in the first week of April as oil companies announce increases of more than P1 per liter.
In separate advisories on Monday, Seaoil, Petro Gazz, Cleanfuel, and Shell Pilipinas confirmed that gasoline prices will rise by P1.40 per liter, while diesel and kerosene will increase by P1.20 per liter.
The adjustments will take effect at 6 AM on Tuesday, April 1, except for Cleanfuel, which will implement the price hike at 4:01 PM the same day.
The Department of Energy - Oil Industry Management Bureau had earlier projected a significant price hike this week, citing global factors such as U.S. sanctions on Iran, potential tariffs on countries purchasing Venezuelan crude oil, and ongoing attacks on energy infrastructure amid the Russia-Ukraine conflict.