Filipino motorists are bracing for another increase in fuel prices, as major oil companies implemented an upward adjustment this week.
For the week August 20 to 26, 2024, gasoline prices will increase by P1.00 per liter. Diesel prices will also climb by P1.20 per liter.
Additionally, the price of kerosene products – which has a direct effect on aviation fuel and other major industries and households – will increase by P1.00 per liter.
Last week, the Department of Energy’s Oil Industry Management Bureau (OIMB) attributed the expected price hike to rising global crude oil prices.
Factors such as geopolitical tensions and increased demand have contributed to the upward trend.
“Oil prices surged in the early part of the week, driven by the fear of escalating Middle East tension that could threaten production at one of the world’s major oil sources, as Iran vows retaliation,” DOE-OIMB director Rodela Romero said.
“Likewise, OPEC expressed an optimistic outlook on the demand that contradicts the IEA (International Energy Agency),” Romero added.
Last Tuesday, oil companies slashed pump prices of gasoline, diesel and kerosene by P2.45, P1.90 and P2.40 per liter, respectively. (TCSP)
