BUSINESS
Advocates Philippines
PH Sees 11th Straight Week Of Oil Price Hikes
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Motorists and consumers in the Philippines are once again facing an uphill battle as major oil companies announce another round of price increases set to take effect Tuesday, September 19. This marks the eleventh consecutive week of rising fuel costs, leaving consumers grappling with the economic repercussions.
In separate advisories issued last September 18,2023, industry giants including Caltex, Cleanfuel, Phoenix Petroleum, Seaoil, Shell, and PTT Philippines revealed their intention to increase prices at the pump. Gasoline prices are set to rise by an additional ₱2 per liter, while diesel prices will see an even steeper hike of ₱2.50 per liter. Furthermore, Caltex, Seaoil, and Shell will also impose a ₱2 per liter increase in kerosene prices.
These continuous price hikes have taken a toll on the wallets of Filipino consumers, with gasoline prices having surged by a staggering ₱18.64 per liter since the beginning of the year. Diesel prices have also seen a significant increase, rising by ₱12.70 per liter, and kerosene prices have climbed by ₱10.65 per liter during the same period.
The global oil market's turbulence has been driven by various factors, including output reductions from major oil-producing nations such as Russia and Saudi Arabia, coupled with an escalating demand for oil from China. Industry analysts now anticipate that global oil prices will reach the $100 per barrel mark by the end of the year, adding further pressure on already strained household budgets.
As of the latest data available, West Texas Intermediate (WTI) crude oil is currently trading at $91.61 per barrel, while Brent crude is commanding a price of $94.64 per barrel. This is a substantial increase from the first week of the year when WTI and Brent were trading at approximately $80 and $75 per barrel, respectively.
In separate advisories issued last September 18,2023, industry giants including Caltex, Cleanfuel, Phoenix Petroleum, Seaoil, Shell, and PTT Philippines revealed their intention to increase prices at the pump. Gasoline prices are set to rise by an additional ₱2 per liter, while diesel prices will see an even steeper hike of ₱2.50 per liter. Furthermore, Caltex, Seaoil, and Shell will also impose a ₱2 per liter increase in kerosene prices.
These continuous price hikes have taken a toll on the wallets of Filipino consumers, with gasoline prices having surged by a staggering ₱18.64 per liter since the beginning of the year. Diesel prices have also seen a significant increase, rising by ₱12.70 per liter, and kerosene prices have climbed by ₱10.65 per liter during the same period.
The global oil market's turbulence has been driven by various factors, including output reductions from major oil-producing nations such as Russia and Saudi Arabia, coupled with an escalating demand for oil from China. Industry analysts now anticipate that global oil prices will reach the $100 per barrel mark by the end of the year, adding further pressure on already strained household budgets.
As of the latest data available, West Texas Intermediate (WTI) crude oil is currently trading at $91.61 per barrel, while Brent crude is commanding a price of $94.64 per barrel. This is a substantial increase from the first week of the year when WTI and Brent were trading at approximately $80 and $75 per barrel, respectively.
Sep 19, 2023
