MANILA — Motorists should brace for a fuel price increase starting the first week of September, following recent substantial reductions.
Industry estimates, based on international oil trading data, suggest an uptick in domestic pump prices, likely to take effect on Tuesday (03 Sept 2024).
Here are the expected Price Changes:
Gasoline: ₱0.20 to ₱0.45 per liter
Diesel: No change to an increase of ₱0.20 per liter
Kerosene: ₱0.45 to ₱0.55 per liter
Rodela Romero, Assistant Director of the Department of Energy’s Oil Industry Management Bureau, indicated that Friday’s trading results will finalize the adjustments, effective September 3, 2024.
The anticipated rise is attributed to escalating geopolitical tensions and a sudden halt in Libyan oil production, which has impacted global markets.
Romero noted that while the U.S. Federal Reserve’s potential rate cuts could boost global economic activity and crude demand, economic uncertainties in the U.S. and China have introduced volatility.
Previously, fuel companies reduced prices on August 27, 2024: gasoline by ₱1.15 per liter, diesel by ₱1.90 per liter, and kerosene by ₱1.85 per liter.
Year-to-date, gasoline prices have risen by ₱6.90 per liter, while diesel has increased by ₱4.05 per liter. Kerosene has seen a net decrease of ₱4.00 per liter.
el Amigo/mnm
