Fuel prices are going up this week, by August 23, 2022. Fuel companies reported a price hike for both gasoline and diesel. After several rollbacks from July to August, this is the first price hike to come through.
Is this a sign of another all-time high? According to Reuters, “oil prices bounced off session lows to trade nearly flat in a volatile session on Monday as markets weight Saudi Arabia’s warning that OPEC+ production could cut output against the possibility of a nuclear deal that could return sanctioned Iranian oil to the market.”
Related: 15 best vehicles to bring on a long road trip
In addition, Reuters reported that leaders in the U.S., U.K., France, and Germany, discussed the revival of the 2015 Iran nuclear deal, which could see Iranian oil return to the global market.
The report isn’t clear whether oil prices wil continue to rise in the coming weeks. As of now, world leaders are doing what they can give current circumstances, as investors around the world fear yet another economic slowdown brought about by high fuel prices, which was the case several weeks ago.
In the Philippines, oil companies like Cleanfuel have sent out advisories to the public, stating that their prices will go up by P0.70 pesos per liter of gasoline, and P2.60 pesos per liter for diesel. Kerosene is also up by P2.80 pesos per liter. Shell also sent out their announcements, and the new prices are now in effect for Shell, with Cleanfuel expected to make the price change later by 4:00 PM today. We can expect that other fuel companies will also follow suit.
Gasoline and Diesel prices hike up after consecutive rollbacks—August 23, 2022
Fuel prices got a price hike today, for the first time after several rollbacks.
Earl Lee on Aug 23, 2022You are here:HomeLatest StoriesNewsGasoline and Diesel prices hike up after consecutive rollbacks—August 23, 2022
Fuel prices are going up this week, by August 23, 2022. Fuel companies reported a price hike for both gasoline and diesel. After several rollbacks from July to August, this is the first price hike to come through.
Is this a sign of another all-time high? According to Reuters, “oil prices bounced off session lows to trade nearly flat in a volatile session on Monday as markets weight Saudi Arabia’s warning that OPEC+ production could cut output against the possibility of a nuclear deal that could return sanctioned Iranian oil to the market.”
Related: 15 best vehicles to bring on a long road trip
In addition, Reuters reported that leaders in the U.S., U.K., France, and Germany, discussed the revival of the 2015 Iran nuclear deal, which could see Iranian oil return to the global market.
The report isn’t clear whether oil prices wil continue to rise in the coming weeks. As of now, world leaders are doing what they can give current circumstances, as investors around the world fear yet another economic slowdown brought about by high fuel prices, which was the case several weeks ago.
In the Philippines, oil companies like Cleanfuel have sent out advisories to the public, stating that their prices will go up by P0.70 pesos per liter of gasoline, and P2.60 pesos per liter for diesel. Kerosene is also up by P2.80 pesos per liter. Shell also sent out their announcements, and the new prices are now in effect for Shell, with Cleanfuel expected to make the price change later by 4:00 PM today. We can expect that other fuel companies will also follow suit.
Here’s to hoping that this week’s fuel price increase is not a sign of yet another all-time high for Philippine motorists. The prices of diesel are still higher than gasoline, and that could still be the case in the coming weeks.
Related Articles
Mazda Philippines ushers in a new generation with the 2023 CX-60—Price starts at P2,790,000P0.50 diesel rollback expected, gasoline to go up by P1.40—November 8, 2022Gasoline to roll back P0.35, Diesel to go down by P1.10—October 25, 2022New House Bill could reduce fuel tax whenever prices go upGasoline up by P1.20 and Diesel gets huge price hike of P6.85 this week—October 11, 2022
Latest News
- Ford brings back Employee Pricing promo this October / NewsShaynah Miranda · Oct 08, 2025Ford Philippines revives its Employee Pricing promo this October with Everest, Explorer, and Bronco deals, offering cash savings and easy financing at employee rates.
- GWM Philippines expands its network with back-to-back dealer signing ceremonies / NewsJerome Tresvalles · Oct 08, 2025Official GWM distributor LAGI expands the GWM dealer network with back-to-back dealer signings in Tarlac and Lucena.
- Suzuki Philippines and DES Strong Motors unite for a cleaner coastline at ICC 2025 / NewsJerome Tresvalles · Oct 06, 2025Suzuki Philippines joins the 2025 International Coastal Cleanup in Bohol, promoting unity and action for a green future.
Popular Articles
- Cheapest cars under P700,000 in the PhilippinesJerome Tresvalles · Sep 02, 2024
- First car or next car, the Ford EcoSport is a tough package to beatJun 18, 2021
- Car Maintenance checklist and guide – here’s everything you need to knowEarl Lee · Jan 12, 2021
- Most fuel efficient family cars in the PhilippinesBryan Aaron Rivera · Nov 27, 2020
- 2021 Geely Okavango — Everything you need to knowJoey Deriquito · Nov 19, 2020
- Family cars in the Philippines with the biggest trunksSep 20, 2023
- Head to head: Toyota Rush vs. Suzuki XL7Joey Deriquito · Oct 28, 2020
- Why oil changes are important for your carEarl Lee · Nov 10, 2020
- 2021 Kia Stonic — What you need to know about itJoey Deriquito · Oct 16, 2020
- Top 7 tips for buying a used car in the PhilippinesJoey Deriquito · Nov 26, 2020
