Oil prices are set to experience a fresh uptick during the final week of August.
On Monday, various oil companies announced their intention to implement an increase in fuel prices during the upcoming week.
This price adjustment is scheduled to come into effect on Tuesday, specifically on August 29.
Companies such as Pilipinas Shell and Sea Oil are poised to enact the following changes starting from 6 a.m.:
Gasoline will see a rise of P0.30 per liter.
Kerosene will experience an increase of P0.80 per liter.
Diesel prices are set to go up by P0.70 per liter.
Similarly, Cleanfuel will implement adjustments commencing from 4:01 p.m.:
Gasoline will undergo an increment of P0.30 per liter.
Diesel prices will be elevated by P0.70 per liter.
Caltex, on the other hand, will implement changes starting from 12:01 a.m.:
Gasoline prices will see a hike of P0.30 per liter.
Kerosene prices will rise by P0.80 per liter.
Diesel prices will climb by P0.70 per liter.
Experts have attributed these price hikes to concerns over potential supply reductions. This unease stems from Saudi Arabia’s announcement that it is considering extending its voluntary oil production cut until October. (ai/mnm)
