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Manila Bulletin devider Business devider Gasoline prices up by P0.50/liter; diesel by P0.30/liter

Gasoline prices up by P0.50/liter; diesel by P0.30/liter

LPG prices up by P0.55/kg

Published Sep 2, 2024 01:46 am

At A Glance

  • The squeeze on consumers' pockets won't just stop at the pumps, because even cooking fuel liquefied petroleum gas (LPG) will also have price escalation of P0.55 per kilogram (kg); or equivalent P6.05 per kilogram (kg) for the standard 11-kilogram cylinder.

Consumers will have to bear new round of financial strain this week on their daily drive to work as gasoline prices will rise by P0.50 per liter; and diesel by P0.30 per liter, based on the pricing advisories of the oil companies.

Kerosene, which is the other commodity in the triumvirate of weekly price adjustments in the deregulated downstream oil industry, will also increase by P0.70 per liter.

As of press time, the oil firms that already sent notices on their price hikes effective Tuesday. Sept. 3, had been Shell Pilipinas Corp., Seaoil Philippines and Cleanfuel; while their competitor-companies are all anticipated to follow.

The squeeze on consumers’ pockets won’t just stop at the pumps, because even cooking fuel liquefied petroleum gas (LPG) will also have price escalation of P0.55 per kilogram (kg); or equivalent P6.05 per kilogram (kg) for the standard 11-kilogram cylinder.

The LPG industry players that already implemented their price hikes had been Petron Corp. and Solane effective Sept. 1 —and that cost uptrend will stay for the rest of the month.

Cleanfuel, which has been selling autoLPG as alternative fuel to motorists, also announced an increase P0.25 per liter on its retail price.

For petroleum products being retailed at the pumps, the climb in prices had been generally sparked off by colliding factors of geopolitical stress versus economic slowdown which had affected market sentiments last week.

Fundamentally, the supply disruption in Libya – which also covers its oil exports had caused market jitters which had driven up prices in most trading days last week.

However, the lingering concern of softening demand due to the weaker-than-expected economic outcomes of key countries, especially China, had provided a counterweight to the pricing pressure precipitated by relentless tension across oil-producing countries in the Middle East.

This week’s price climb though may take a reverse course next week, as international benchmark Brent crude slumped anew to $76 per barrel as on Monday trading, Sept. 2.

Related Tags

Oil prices Shell Pilipinas Corporation Brent crude liquefied petroleum gas geopolitics
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