MANILA — Oil companies led by Pilipinas Shell, Petron, and Seaoil, have announced that they will increase the prices of certain petroleum products on Tuesday, September 12, 2023.
The price hike will primarily impact three types of petroleum products: diesel, gasoline, and kerosene.
Diesel prices are set to increase by P0.40 per liter while gasoline prices will accordingly go up by P0.20 per liter.
Kerosene prices are also set to increase by P0.20 per liter.
The price hike is a result of the continued reduction in supply by Saudi Arabia the oil companies said.
Oil prices can be influenced by various factors, including global oil production, supply and demand dynamics, geopolitical events, and economic conditions.
Reductions in supply, such as those caused by changes in production from major oil-producing countries like Saudi Arabia, can lead to higher prices in the global oil market.
These higher costs are typically passed on to consumers by oil companies through price adjustments at the pump.
Impact on consumers
For consumers, this means that they will need to budget for higher fuel costs when filling up their vehicles or using kerosene for various purposes.
Increased fuel prices can also have ripple effects on transportation costs, affecting the prices of goods and services throughout the economy.
Monitoring the situation
It’s important for consumers and businesses to stay informed about changes in fuel prices, as they can have a direct impact on their expenses and economic activities.
People may consider adjusting their travel plans or exploring more fuel-efficient transportation options during periods of rising fuel prices.
It’s worth noting that fuel prices can fluctuate frequently due to various factors, and announcements like this one are common in the energy sector.
Consumers and businesses often monitor these changes to make informed decisions about their transportation and energy usage. (ai/mnm)
