Oil Companies to Impose Gasoline Price Hike for Third Straight Week

Oil Companies to Impose Gasoline Price Hike for Third Straight Week

May 29, 2023 by Jay Nelz in Categories News

Oil Companies Set to Implement Mixed Price Adjustments on Tuesday (May 30, 2023)

Oil companies announced another round of gasoline price hike for three straight weeks and price rollback for kerosene.

In a continuation of recent trends, oil companies have announced another round of pump price adjustments for the upcoming week. Gasoline prices will increase for the third consecutive week, while kerosene prices will be reduced, and diesel prices will remain unchanged.

The adjustments, set to take effect on Tuesday, May 30, 2023, reflect the ongoing fluctuations in global oil markets.

Pilipinas Shell Petroleum Corp. and Seaoil Philippines Corp., two major players in the industry, have issued separate advisories outlining their price adjustments. Both companies will raise gasoline prices by P1.10 per liter, while decreasing kerosene prices by P0.35 per liter. Diesel prices will remain unaffected by these changes.

However, Cleanfuel will only implement adjustments for gasoline and diesel, as they do not carry kerosene.

The price changes will come into effect at 6 am on Tuesday for most companies, except for Cleanfuel, which will make the adjustments at 4:01 pm the same day. As of now, other oil firms have yet to announce their pricing strategies for the week.

According to data from the Department of Energy (DOE), there has been a net increase of P5.00 per liter for gasoline since the beginning of the year. On the other hand, diesel has seen net rollback of P5.05 per liter, while kerosene prices have dropped by P6.40 per liter as of May 23, 2023.

The internet users react to the expected price adjustments:

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