FUEL FIRMS ANNOUNCED OIL PRICE INCREASE NEARLY P3/LITER


Big adjustments in the prices of fuel are set to take effect with nearly P3 per liter jump from last week’s costs (Photo courtesy of Philippine Star)
For fourth straight week, a big-time hike in oil prices will be implemented by fuel retailers beginninng Tuesday, October 15.
This week’s oil price hike more than doubled last week’s increase, with diesel rising by P2.70 per liter compared to P1.20, and kerosene increasing by P2.60, up from P0.70.
Shell Pilipinas, Caltex, Seaoil (effective 6 a.m.)
Gasoline - P2.65/liter increase
Kerosene - P2.60/liter increase
Diesel - P2.70/liter increase
Cleanfuel (effective 4:01 p.m.)
Gasoline - P2.65/liter increase
Diesel - P2.70/liter increase
Petrogazz, Jetti Petroleum, Ptt Philippines, Unioil (effective 6 a.m.)
Gasoline - P2.65/liter increase
Diesel - P2.70/liter increase
Department of Energy Assistant Director Rodela Romero said the main reason for the upward price adjustment to the surge in the international prices of diesel and kerosene last week is still the worsening tensions in the Middle East.
Other reasons are the effects of hurricane Milton on fuel supplies in the US, as well as higher oil demand.
“There is also some tightening in supplies of diesel and gasoline in our region due to production cuts (ongoing refinery maintenances and refinery run cuts) and unplanned refinery outages in Indonesia and Malaysia.”
Since the start of the year, gasoline have already climbed by a net P9.05 per liter. Diesel also has a P6.75 per liter net increase. Kerosene prices, on the other hand, fell by P2.75 per liter net.
Source: The Manila Times
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