GASOLINE, DIESEL, KEROSENE PUMP PRICES GO UP ON TUESDAY

Oil companies conclude the month of October with mixed movement on fuel prices, after the rollback last week (Photo courtesy of Philippine Star)

In separate advisories, oil companies announced a slight increase in petroleum products for the last week of October following last week’s rollback.

Effective Tuesday, October 29 the following oil price hike will be implemented:

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

• Gasoline: Up by P0.20 per liter
• Kerosene: Up by P0.50 per liter
• Diesel: Up by P0.50 per liter 

CleanFuel (effective 4 p.m.) and Petro Gazz 

• Gasoline: Up by P0.20 per liter
• Diesel: Up by P0.50 per liter 

The Department of Energy-Oil Industry Management Bureau (DOE-OIMB) attributed the increase citing weaker demand in China and the United States, the surprise build in American stocks, the expected stability in geopolitical risks, and the anticipated increase in demand for diesel in South Korea.

The energy department also said on October 15 that price adjustments are influenced by Middle East tensions impacting oil supply and driving up global prices, alongside reduced gasoline and diesel supplies in Asia.

Oil firms reduced prices per liter of gasoline by P0.50, diesel by P0.70, and kerosene by P0.85 last week. This brought the year-to-date net increase of P9.05 per liter for gasoline and P6.75 per liter for diesel, and a net decrease of P2.75 per liter for kerosene as of October 15, 2024.

Quezon Rep. Reynante Arrogancia urged the Department of Energy (DoE) and the Energy Regulatory Commission (ERC) to “stop by whatever legal means available” any fuel price hikes in the areas declared under a state of calamity.

DOE-OIMB Assistant Director Rodela Romero had previously stated that a price freeze for household LPG and kerosene would be implemented in areas under a state of calamity for 15 days starting last week.

Source: GMA Integrated News 

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