Oil Prices Up on January 16, 2024 (Tuesday)
FUEL PRICE UPDATE – Various gas companies have confirmed another round of increases in oil prices on January 16, 2024 (Tuesday).
Pilipinas Shell Petroleum Corp. announced that prices per liter for gasoline will increase by P0.30, diesel by P0.90, and kerosene by P0.90. Cleanfuel will also implement similar changes, excluding kerosene.”
Fuel Companies to Impose Oil Price Hike for 2nd Straight Week
Oil Price Hike Expected on Tuesday (January 16, 2024), According to Fuel Companies
OIL PRICE UPDATE – Several fuel companies announced another round of oil price hikes for the second straight week.
Petroleum product prices now have an important role in the country’s economy. Pump price adjustments usually have a considerable impact on the prices of goods and services throughout the country.
Petroleum product prices have continued to spike since last week, contributing to the hardship of the Filipino people.
Filipino, motorists are set to face higher costs at the pump as oil companies announced another round of price hikes in the third week of January, marking the second consecutive week of increases.
Pilipinas Shell Petroleum Corp. and Cleanfuel shared the details of the impending increases, affecting gasoline, diesel, and kerosene.
According to an advisory from Pilipinas Shell Petroleum Corp., the prices per liter for gasoline will increase by P0.30, diesel by P0.90, and kerosene by P0.90, starting at 6 a.m. on Tuesday, January 16, 2024.
Cleanfuel will also implement similar changes, except for kerosene. It will adjust prices at 4:01 p.m. Meanwhile, other fuel companies are yet to make similar announcements for the week.
Based on four days of trade in the Mean of Platts Singapore (MOPS), the Department of Energy’s Oil Industry Management Bureau projected increases for diesel and kerosene.
As of January 9, the year-to-date adjustments showed a net decrease of P0.25 per liter for diesel and P1.30 per liter for kerosene. Last week, prices per liter of gasoline, diesel, and kerosene were raised by P0.10 each.
The causes for the price increases are linked to worldwide market trends and trading conditions, showing the importance of being informed about fuel prices to manage personal budgets effectively.
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