BIG-TIME OIL PRICE HIKE BY P2.10/LITER SET ON TUESDAY

A hefty oil price hike is set starting Tuesday, November 12 due to the developments in the Middle East and in the US (Photo courtesy of Mark Demayo/ABS-CBN News)

Motorists will have to pay more for petroleum products this week as oil firms announced that fuel prices are set to go up in the middle of November, marking three straight weeks of hikes for diesel and kerosene. 

In separate advisories, oil companies announced the following upward adjustments starting Tuesday, November 12:

Shell Pilipinas, Seaoil, Caltex, Flying V, Petron Corp. (effective 6 a.m.) 

Gasoline  - P1.50 per liter increase

Kerosene - P1.20 per liter increase

Diesel - P2.10 per liter increase   

Petrogazz, Ptt Philippines, Jetti Petroleum, Unioil (effective 6 a.m.) 

Gasoline  - P1.50 per liter increase

Diesel - P2.10 per liter increase

Cleanfuel (effective 4:01 p.m.) 

Gasoline  - P1.50 per liter increase

Diesel - P2.10 per liter increase

Department of Energy-Oil Industry Management Bureau (DO-OIMB) Assistant Director Rodela Romero last week that oil prices had climbed due to Hurricane Rafael’s impact on the US, which could dampen the region’s output.

She also noted the delayed plans of OPEC+, made up of the Organization of the Petroleum Exporting Countries and allies led by Russia, to boost oil production next month. the US Federal Reserve’s plan to impose another round of interest rate cuts also affected trading in the past four days.

“Other contributing factors in the estimated increase for oil prices by next week are the depreciation of the peso, the premium added to the purchase of the petroleum products, and the freight cost,” she added.

Fuel retailers last week implemented mixed adjustments for the prices of petroleum products, gasoline by P0.10, and hiked those of diesel by P0.75, and kerosene by P0.50. 

This brought year-to-date adjustments to a net increase of P8.65 per liter for gasoline and P7.30 per liter for kerosene, and a net decrease of P2.60 per liter for kerosene as of November 5, 2024.

Source: ABS-CBN News 

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