8th straight oil price hike looms on last Tuesday of August

ABS-CBN News

<div class="embed-wrap"><figure data-feedback="fb:likes,fb:comments"><img alt=" An attendant fills a tricycle’s gas tank at a refilling station along Timog Avenue in Quezon City on August 1, 2023. Jonathan Cellona, ABS-CBN News" src="https://sa.kapamilya.com/absnews/abscbnnews/media/2023/news/08/26/20230801-oil-price-hike-protest-jc2715.jpg"/><figcaption>An attendant fills a tricycle’s gas tank at a refilling station along Timog Avenue in Quezon City on August 1, 2023. <em>Jonathan Cellona, ABS-CBN News</em></figcaption></figure></div><p>MANILA (<strong>UPDATED</strong>) - Pump prices are poised for an 8th straight hike as major players cut down on production anew. </p><p>Diesel prices will go up by P0.40 to P0.70 per liter. </p><p>Meanwhile, gasoline prices will take a slight increase at P0.10 to P0.30 per liter, while kerosene will have a P0.50 to P0.80 per liter increase. </p><p>LPG prices may also increase by P2 to P4 per kilo this September. </p><ul class="op-related-articles">	<li><a href="https://news.abs-cbn.com/news/08/23/23/ltfrb-to-hear-fare-hike-petitions-starting-next-week">LTFRB to hear fare hike petitions starting next week</a></li>	<li><a href="https://news.abs-cbn.com/news/08/21/23/taxi-operators-seek-p60-flag-down-rate">Taxi operators seek P60 flag down rate</a></li></ul><p>This comes as fears of supply cuts continue after Saudi Arabia expressed that it was studying the extension of its voluntary oil production cut to October. </p><figure class="op-interactive"><iframe allow="autoplay; fullscreen" frameBorder="0" height="100%" id="ivsplayer01" scrolling="no" src="https://player.ivideosmart.com/ivsplayer/v4/dist/html/iframe-src.html?iframeid=ivsplayer01&amp;key=e8c22c015ca9eafa76f1e3edfa03c603&amp;spid=3001339&amp;vid=2778197" width="100%"></iframe></figure><div class="iwantbar">Watch more News on <a href="https://www.iwanttfc.com/#!/browse/Genres/News/tag_id_genres/id_news" target="_blank">iWantTFC</a></div><p>&quot;Talagang dahil gusto pa rin ng Saudi na nasabi nila maeextend nila ang supply cut nila ng September. Mukhang kino-contemplate po nila na i-extend ito hanggang October so kung ganiyan mangyayari... yung sabihin na natin ang buffer na dumating sa point na halos pantay. Yun talaga ang nakikita natin,&quot; Leo Bellas, President of Jetti Petroleum said.</p><p>Bellas, however, cannot say if the trend of oil hikes will stay the same in the coming days as players also have to account the approaching winter, where demand for pump products increase drastically. </p><p>&quot;Ang inaasahan natin na walang spike na malaki unless may geopolitical concern o nangyari sa structure. Pero kung normal mukhang ito ay magta-taper na. Kumbaga dati, naglalaro ang crude US dollar kung naglalaro sa 65 to 70, ito ay nasa 75 to 80. Parang new level po. Hindi naman po natin inaasahan na sobrang magtutuloy na every week may increase, pero andun pa rin po ang volatility ng presyo,&quot; Bellas said. </p><p>The latest streak of oil hikes, one of the longest since those induced by the Ukraine-Russia conflict last year, spurred calls to increase transportation fees. </p><p>Earlier this week, taxi operators have already called for a P60 flagdown rate.</p><p>Dates to hear petitions for a fare hike have also been set by the Land Transportation Franchising and Regulatory Board this week. </p><div><strong> -- With reports by Alvin Elchico, ABS-CBN News</strong></div>

Pump prices are poised for an 8th straight hike as players cut down on production anew. 

8th straight oil price hike looms on last Tuesday of August | ABS-CBN

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8th straight oil price hike looms on last Tuesday of August

8th straight oil price hike looms on last Tuesday of August

ABS-CBN News

Published Aug 26, 2023 11:13 AM PHT

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Updated Aug 26, 2023 02:26 PM PHT

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