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Gasoline to rise by ₱0.70/L, diesel by ₱0.50/L Tuesday

Business | The Economy

Gasoline to rise by ₱0.70/L, diesel by ₱0.50/L Tuesday

By Gabriell Christel Galang

With the start of the “BER” months—a common phrase for September through December—motorists are bracing for another round of fuel price increases by the end of August.

Effective Tuesday, Aug. 26, gasoline prices will climb by another ₱0.70 per liter, while diesel will go up by ₱0.50 per liter. Kerosene will also rise by ₱0.30 per liter.

These adjustments marked the third straight week of price hikes for gasoline and the second for diesel.

Fuel companies, including Seaoil, Shell Pilipinas, PetroGazz, and Caltex, have already announced these adjustments.

According to ING Economics, one key factor is the looming secondary tariffs on India for its purchase of Russian oil.

“It's looking increasingly likely that secondary tariffs against India for their purchases of Russian oil will go ahead on August 27,” the bank stated in a Monday report. “There appears to be little progress in trade talks between India and the US, since the US announced the tariff earlier in the month.”

The report added that even if India continues to buy Russian oil despite a 25 percent secondary tariff, it would do little to change the market outlook.

Other factors also contribute to the price increases. US President Donald Trump continues to threaten stricter sanctions on Russia, creating market uncertainty.

Last week, the Department of Energy’s (DOE) Oil Industry Management Bureau (OIMB) also reported a decline in US oil stocks due to higher demand, which may have contributed to this week's price hikes.

Related Tags

oil price adjustment Oil price hike Department of Energy (DOE)

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