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Oil prices to rise in first week of September

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ABS-CBN News

MANILA — Oil prices are rising for the 9th straight week.Oil companies on Monday said they will increase the prices of their petroleum products on September 5, Tuesday: SHELL PILIPINAS, SEAOIL, JETTI PETROLEUM (effective 6 a.m.): Gasoline: P0.5/L increase Kerosene: P1.10/L increase Diesel: P1.20/L increaseCALTEX (effective 12:01 a.m.): Gasoline: P0.5/L increase Kerosene: P1.10/L increase Diesel: P1.20/L increasePHOENIX PETROLEUM, PETROGAZZ (effective 6 a.m.): Gasoline: P0.5/L increase Diesel: P1.20/L increaseCLEANFUEL (effective 4:01 p.m.): Gasoline: P0.5/L increase Diesel: P1.20/L increaseSince July 11, consumers have not yet seen any rollback in diesel and kerosene prices.Over the past 9 weeks, fuel prices have increased ny the following amounts: Gasoline: P9.65/L increase Kerosene: P13.74/L increase Diesel: P14.40/L increase<div>REASONS FOR THE PRICE HIKE </div>Energy Assistant Director Rodela Romero said there is still a supply issue as the United States&#x27; fuel inventory continues to decrease due to increased exports.If Saudi Arabia and Russia decide to further reduce production in October, this could exert more pressure on prices. Romero, however, noted that factors like China&#x27;s uncertain demand can bring prices down.<div>HARDEST-HIT SECTOR</div>One of the sectors hardest hit by these price increases is the public utility jeepneys, which rely on diesel for their everyday operations.Roberto Martin, the National President of Pasang Masda, states that he will request the Department of Transportation Secretary, Jimmy Bautista, to expedite the release of fuel subsidies, which are not yet ready.Martin also plans to ask the Land Transportation Franchising and Regulatory Board (LTFRB) to accelerate the approval process for the provisional P1 fare increase while the main petition for a P5 increase is being reviewed.For its part, the Department of Budget and Management (DBM) said it is working to release P3 billion for the implementation of the DOTr&#x27;s Fuel Subsidy Program under the 2023 budget. The DBM said it received today the official letter of request for the issuance of a Special Allotment Release Order (SARO) and Notice of Cash Allocation (NCA) for the said program. <ul class="op-related-articles">	<li><a href="https://news.abs-cbn.com/amp/news/09/04/23/dbm-already-processing-release-of-fuel-subsidy">DBM already processing release of fuel subsidy</a></li></ul>The subsidy is projected to benefit approximately 1.36 million transport operators and drivers.Higher fuel prices drive the prices of other goods up, with the Bangko Sentral ng Pilipinas saying last week that a &quot;sharp rise in fuel prices as well as increased transport costs&quot; likely raised the inflation rate in August.Official inflation figures for August are expected to be released on Tuesday.<ul class="op-related-articles">	<li><a href="https://news.abs-cbn.com/business/09/02/23/diesel-kerosene-prices-expected-to-rise-for-9th-straight-week">Diesel, kerosene prices expected to rise for 9th straight week</a></li></ul><div>--with reports from Alvin Elchico, ABS-CBN News</div><div>RELATED STORY:</div><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=2785034" 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>