Oil price hike effective Tuesday, Aug 20

Motorists will see increases in the prices of petroleum products beginning Tuesday.

After a few rounds of rollbacks, oil companies said Monday that they will impose higher prices for fuel products this week, with an upward adjustment of around P1 a liter.

READ: Fuel price hike seen next week

In separate advisories, Seaoil, Shell Pilipinas, Clean Fuel, and PetroGazz said the per-liter prices of diesel would go up by P1.20.

The prices of gasoline and kerosene, meanwhile, will increase by P1 per liter.

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According to Rodela Romero, director of the DOE’s Oil Industry Management Bureau, this was driven by external factors, especially the rising concern about the Middle East conflict.

Romero added that the Organization of Petroleum Exporting Countries was optimistic about the fuel demand.

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