The Oil Industry Management Bureau (OIMB) of the Department of Energy (DOE) said earlier that prices will likely go up this week because of the tighter supply picture caused by Saudi Arabia and Russia cutting back on production, Libya’s supply problems, and the US pulling back its inventory.
Gasoline prices have gone up by P15.50 per liter year-to-date, diesel prices have gone up by P11.10 per liter, and oil prices have gone up by P7.94 per liter as of September 12, 2023.
On Tuesday, oil companies will raise the prices of gasoline, diesel, and kerosene at the pumps by a large amount. This will be the eleventh week in a row that prices have gone up for gasoline.
Caltex and Chevron Philippines Inc. both said in separate statements that the prices of gasoline, diesel, and kerosene will go up by PHP2.00, PHP2.50, and PHP2.00, respectively, per liter.
The same changes will be made by Cleanfuel, except that it won’t carry oil.
Except for Caltex, which will raise prices at midnight, and Cleanfuel, which will do so at 4:01PM. the same day, the change will happen at 6:00AM.
Starting on September 13, 2023, the Land Transportation Franchising and Regulatory Board (LTFRB) began giving fuel rebates to qualified drivers of public utility vehicles (PUVs).
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