Fuel price hike set on first week of September

INQUIRER FILE PHOTO

After last week’s rollback, a hike in fuel prices will welcome motorists on the first week of September.

In separate advisories on Monday, Seaoil, CleanFuel, and Shell Pilipinas said the per-liter price of gasoline would go up by 50 centavos starting Tuesday.

Diesel and kerosene prices would also increase by 30 centavos and 70 centavos a liter, respectively.

READ: Oil prices surge over Middle East tensions

Rodela Romero, director of the Department of Energy’s (DOE) Oil Industry Management Bureau, attributed the upward adjustment to the “combination of escalating geopolitical tensions and a sudden halt in Libyan oil production/exports [which] sent shockwaves through global markets.”

Expectations that the United States would slash its interest rates also “lifted the outlook for global economic activity and crude demands.”

For the Aug. 27 to Sept. 1 period, fuel retailers reduced the prices of pump products by P1.90 to P1.15 per liter.