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Oil price hikes spike to peso again on Tuesday

Business | The Economy

Oil price hikes spike to peso again on Tuesday

By Gabriell Christel Galang

Following massive protests against government corruption last Sunday, Sept. 21, motorists now face another tough week amid looming oil price hikes.

Effective Tuesday, Sept. 23, both gasoline and kerosene prices will increase by ₱1 per liter, while diesel will go up by ₱0.80 per liter.

Seaoil, Shell Pilipinas, Cleanfuel, and Petro Gazz are among the oil companies that have announced these adjustments on Monday, Sept. 22.

Geopolitical tides continue to leave a lasting impact on fuel supply, as this week marks the fifth straight week of price increases.

Due to prolonged tensions between Ukraine and Russia, supply disruptions continue to be a lingering concern.

Moreover, United States (US) sanctions on Russian oil buyers such as India and China have put pressure on global oil prices. Previously, the US has called for higher tariffs on these countries that still purchase Russian crude.

Rising demand during the autumn season has also affected prices moving forward.

Despite these developments, Iraq is expected to raise its exports by around 3.4-3.45 million barrels per day (mbpd) this month, a slight increase from last month’s average of 3.38 mbpd.

The Department of Energy (DOE) has been asked to comment on the recent price movements, which continue to weigh on consumers.

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