P1.35 increase on Tuesday

Major Philippine oil firms have announced that prices of their fuel products are set to increase on Tuesday, September 17, 2019. According to Pilipinas Shell, the price of its gasoline-based products will increase by PhP 1.35 per liter. The other major oil players are expected to implement similar price increases on the same day, ranging from + PhP 1.20 – PhP 1.40.

This price increase is the result of easing trade tensions between China and the US, while US crude inventories dropped to their lowest in almost a year. Fuel prices have yet to reflect the market's reaction to a recent drone attack on Saudi Arabian oil producer, Aramco's facilities. The company reportedly produces 1% of the the world's oil with the attacked facility producing 7% of the global supply. 75% of Aramco's oil products go to Asia.

The price hike follows three consecutive weeks of price cuts on pump products.