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Oil Prices to Increase for Third Consecutive Week

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Oil Prices to Increase for Third Consecutive Week

Oil Prices to Increase for Third Consecutive Week

Gas Firms to Implement Increases in Oil Prices for Third Consecutive Week

FUEL PRICE UPDATE – Oil prices are set to increase for the third consecutive week, according to gasoline stations in the country.

This week, fuel prices continue to climb for the third consecutive week. Oil companies, including Pilipinas Shell Petroleum Corp. and Seaoil Philippine Corp., have announced increases in the prices of gasoline and diesel, while kerosene remains unchanged.

Both gas stations will raise the price of gasoline by P1.30 per liter and diesel by P0.95 per liter. Meanwhile, kerosene prices will remain the same. Clean fuel will follow similar changes, except for kerosene.

The price adjustments are scheduled to take effect on Tuesday (January 23, 2024) at 6 a.m. for Pilipinas Shell and Seaoil, and 4:01 p.m. for Cleanfuel. Other oil firms are expected to make similar announcements later this week.

The increasing fuel prices are based on the forecast of the Department of Energy’s Oil Industry Management Bureau. It oil price hike includes escalating tensions in the Middle East and the anticipated strong demand growth projected by OPEC in the coming years.

Last week, oil companies raised gasoline prices by P0.30 per liter, diesel by P0.90 per liter, and kerosene by P0.90 per liter.

Oil Prices to Increase for Third Consecutive Week 4

As of January 16, 2024, DOE releases the later year-to-date adjustments indicating a net increase of P0.30 per liter of gasoline and P0.65 per liter of diesel. However, kerosene prices have seen a net drop of P0.40 per liter.

The Department of Energy continues to monitor the situation and provide insights into the factors affecting these adjustments in fuel prices.

Motorists are advised to stay updated on fuel price movements, as changes may affect transportation expenses.

In a previous report, oil price hike seen on 4th week of January 2024

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