FILIPINO consumers are bracing for another round of fuel price increases, marking the second consecutive week of rising costs at the pump.
Shell Pilipinas Corp. announced on Monday that it will raise gasoline prices by P0.45 per liter, diesel by P0.90 per liter, and kerosene by P0.30 per liter, effective 6 a.m. on Tuesday, October 1. Cleanfuel will follow suit, implementing the same price adjustments (excluding kerosene) at 4 a.m. on the same day.
These latest increases are attributed to global factors, according to the Department of Energy-Oil Industry Management Bureau (DOE-OIMB). The agency cites uncertainty in global supply due to escalating tensions in the Middle East, China’s recent economic stimulus, and a draw in US crude inventory.
This latest round of price hikes adds to the burden already felt by Filipino consumers, who are grappling with the rising cost of living. Last week’s price increases saw gasoline rise by P1.10 per liter and diesel by P0.20 per liter.
As of September 24, 2024, year-to-date adjustments have resulted in a net increase of P5.85 per liter for gasoline and P1.95 per liter for diesel. Kerosene prices, however, have seen a net decrease of P6.35 per liter.
While other fuel companies have yet to announce their price adjustments for the week, the trend of rising fuel costs is likely to continue, adding further pressure on Filipino households and businesses.
ANOTHER round of price hikes was announced by fuel retailers on Monday, marking the second consecutive week of increases.
Shell Pilipinas Corp. will raise gasoline prices by P0.45 per liter, diesel by P0.90 per liter, and kerosene by P0.30 per liter, effective 6 a.m. on Tuesday, October 1. Cleanfuel will implement the same price adjustments, excluding kerosene, at 4 a.m. on the same day.
The latest price increases are in line with projections from the Department of Energy-Oil Industry Management Bureau (DOE-OIMB), which cited uncertainty in global supply due to escalating tensions in the Middle East, China’s recent economic stimulus, and a draw in US crude inventory.
Last week, fuel firms raised gasoline prices by P1.10 per liter and diesel by P0.20 per liter. Kerosene prices remained unchanged.
As of September 24, 2024, year-to-date adjustments have resulted in a net increase of P5.85 per liter for gasoline and P1.95 per liter for diesel. Kerosene prices have seen a net decrease of P6.35 per liter.
Other fuel companies have yet to announce their price adjustments for the week.
