On Tuesday, September 5, 2023, oil firms will increase their pump prices for the ninth consecutive week.

Local oil companies stated in separate advisories that they would raise the price of gasoline by 50 centavos per liter and diesel by ?1.20 per liter. Additionally, this marks the seventh consecutive week of gas price increases.

Pilipinas Shell, Petron, Caltex, and Seaoil announced that the price of gasoline would increase by ?0.50 per liter, diesel by ?1.20 per liter, and kerosene by ?1.10 per liter.

With the exception of kerosene, which they do not carry, Cleanfuel, Petro Gazz, Phoenix Petroleum Philippines Inc., PTT Philippines Corp., and Unioil Petroleum Philippines Inc. will adopt the same price modifications.

The price adjustments will take effect at 6 a.m. on Tuesday. Seaoil and Pilipinas Shell are set to implement the price adjustments at 6 a.m., followed by CleanFuel at 4:01 p.m.

The ongoing price increase has been triggered by supply reductions mandated by oil-producing countries and increased demand in Western countries. Experts in the global oil industry anticipate that the Organization of Petroleum Exporting Countries and its allies (OPEC+) will continue to restrict their output, which will keep oil prices high in the remaining months of the year.

File photo/ Arkipelago News