Oil Firms to Raise Pump Prices on Tuesday Amid Geopolitical Tensions

MANILA, Philippines — Oil firms will raise pump prices on Tuesday, September 9, due to the ongoing escalation of geopolitical tensions, according to a statement from major oil companies. This price hike will affect gasoline, diesel, and kerosene, marking another increase for Filipino consumers.

Details of the Price Increases

Shell, Seaoil, Cleanfuel, and Petrogazz have announced that gasoline prices will rise by P1 per liter, while diesel prices will go up by P1.40 per liter. Additionally, kerosene prices will increase by P0.70 per liter.

This is the latest in a series of price hikes, with previous increases taking place last week. Last week’s adjustments saw a rise of P0.70 for gasoline, P1 for diesel, and P0.70 for kerosene.

Geopolitical Tensions Driving Fuel Price Increases

The price hikes are primarily attributed to the escalating geopolitical tensions in various parts of the world. These tensions are affecting the global oil market, leading to price fluctuations that are now being felt locally.

Impact on Consumers and Businesses

The continued rise in fuel prices will have a direct impact on consumers, especially those relying on gasoline and diesel for transportation. It will also affect businesses that depend on kerosene for their operations. The increases could lead to higher costs for goods and services, further affecting the daily lives of Filipinos.

Conclusion: Monitoring the Situation

With the recent price hikes and geopolitical tensions continuing to affect the global oil market, Filipino consumers are urged to monitor any further increases in pump prices. As oil firms adjust their prices, the government and consumers alike are paying close attention to how these changes will affect the national economy.

Reference:

• Oil firms to raise pump prices Tuesday