FUEL PRICES UP BY OVER P1/LITER ON TUESDAY

Several oil companies in the Philippines have indeed announced a fuel price increase effective Tuesday (Photo courtesy of Shutterstock/Daily Tribune)

Petroleum products will increase by more than P1 per liter following announcements of upward adjustment from oil companies after last week's rollback.

In separate advisories, fuel firms said prices are raising again to be implemented on November 26, Tuesday:

Shell, Seaoil at 6 a.m. 

Gasoline    P1.15/liter increase

Diesel         P1.10//liter increase

Kerosene    P0.80/liter increase

Petrogazz at 6 a.m. 

Gasoline    P1.15/liter increase

Diesel         P1.10//liter increase

CleanfueL at 4 p.m. 

Gasoline    P1.15/liter increase

Diesel         P1.10//liter increase

According to Rodela Romero, Director of the Department of Energy Oil Industry Management Bureau (DOE-OIMB), the fuel price increase is primarily driven by escalating geopolitical tensions, particularly the ongoing situation involving Russia. 

“Russia’s oil refinery business is at risk of plant closure amid heavy losses and lower production,” Romero said.

Adding that the oil production outage in Norway has contributed to the change in local petroleum product prices.

Local oil firms implemented rollback during the previous week, cutting the price of gasoline by P0.85 per liter, diesel by P0.75 per liter, and kerosene by P0.90 per liter.

Year-to-date adjustments stood at a net increase of P10.15 per liter for gasoline and P9.40 per liter for diesel, and a net decrease of P1.40 per liter for kerosene as of November 12, 2024.

Source: ABS-CBN News 

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