Fuel Price Increases Per Liter by P0.20 for Gasoline, P0.40 for Diesel and Kerosene
Fuel Price Increase – The Department of Energy (DOE) published that effective today, September 12, 2023, oil companies implemented an increase per liter of P0.20 for gasoline, P0.40 for diesel, and P0.20 for kerosene.
On the other hand, the price hike last week per liter of gasoline was P0.50, diesel was P1.20, and kerosene was P1.10, which was higher compared to this week.
This latest price adjustment indicates a year-to-date net increase per liter of P15.50 for gasoline, P11.10 for diesel, and P7.94 for kerosene.
The DOE pointed out that one of the major reasons for the price adjustment is tight supply fundamentals, as reflected in its oil monitor report. It further stated that this happened after Saudi Arabia and Russia announced the extension of voluntary production cuts through the end of 2023 and US crude stocks showed a larger-than-expected decline.
In addition, some other factors mentioned in the report are: weak China trade data, a stronger dollar, and new oil product export quotas.
It can be recalled that petroleum companies have announced big-time price hikes effective July 18 this year. From then on, oil prices continued to go up until recently.
In total, the increase is already on its 10th consecutive week for diesel and kerosene, while it is on its 9th week for gasoline.
