Oil price alert: Diesel up by PHP 2.60 on August 23

After consecutive weeks of rollbacks, this week's fuel price movement is not a welcome sight, especially for motorists using diesel fuel.

Oil companies are imposing a PHP 2.60 per liter price increase on diesel, while gasoline and kerosene are getting a PHP 0.70 and PHP 2.80 per liter mark up for Tuesday, August 23.

Shell and Cleanfuel have already laid out their announcements regarding the price movements, and will make their adjustments by 6:00 AM and 4:01 PM, respectively. We should expect other companies to follow these price bumps once they make their advisories later in the day.

There are no clear indications yet if oil will continue to rise in the coming weeks. In fact, the most recent report from Reuters will see crude oil prices continue to go down from their price on the last trading day last week. Investors are still fearing that hikes may lead to an economic slowdown and dent fuel demand if it continues to rise.

Hopefully, it's a sign that this oil price hike won't be followed by another one.