oil hike

3rd big time gas price hike strikes today

July 31, 2023 Edd Reyes 198 views

OIL companies on Monday announced the third wave of big-time fuel price increases this week which will take effect today, August 1, 2023.

Chevron was the first to announce its increase on diesel prices by P3/50 per liter, gasoline by P2.10/liter and kerosene by P3.25/ liter effective at 12:01 a.m. Tuesday.

Petron and Pilipinas Shell, along with Seaoil Philippines and Flying V, announced they will adjust pump prices by the same amount effective at 6 a.m. on Tuesday.

Independent oil firms PTT Philippines, Phoenix Petroleum, Total Philippines, Unioil Philippines and Eastern Petroleum also announced the same set of hikes starting at 6 a.m. while Clean Fuel will be at 4:01 p.m. today.

Energy sources said the announcement of Saudi Arabia that they would extend their production cut of one million per barrel a day until September and the production cut of 500 barrels a day of Russia resulted in increase in international trading price of diesel, kerosene and gasoline.