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OIL PRICES INCREASE ON OCTOBER FIRST

ImHenyo Writer
M
Jessica
2024.10.01
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First week of October will be marked by another price increase which is the second week in a row that fuel prices have risen (Photo courtesy of Philippine Star)

 

Motorists should expect higher fuel prices as oil companies announced price changes effective October 1, Tuesday, amid tightening global supplies and rising tensions abroad.

 

In separate advisories, oil firms announced following fuel price adjustments:

 

Pilipinas Shell, Caltex, Seaoil, PTT Philippines (from 6 a.m.)

Gasoline - P0.45/L increase

Kerosene - P0.30/L increase

Diesel - P0.90/L increase

 

Cleanfuel (from 4:01 p.m.)

Gasoline - P0.45/L increase

Diesel - P0.90/L increase

 

Petro Gazz (from 6 a.m.)

Gasoline - P0.45/L increase

Diesel - P0.90/L increase

 

This brought the year-to-date net increase on gasoline prices have posted a of P6.40 per liter while diesel has risen by P2.85/L for diesel, including Tuesday's price hikes.

 

The Department of Energy-Oil Industry Management Bureau (DOE-OIMB) Assistant Director Rodela Romero said the killing of a leader of Hezbollah in Lebanon will probably have an impact on prices this week, highlighting fears of retaliation against Israel, further aggravating the volatile situation.

 

It also attributed the price hike to supply risks amid escalating geopolitical conflicts in the Middle East. “The latest economic stimulus from China offset the weak demand growth from Europe. The US crude inventory draw is a bullish signal indicating tightening global supplies.”

 

The DOE said this will further rise to four percent after a year, and five percent by October 2026. The move would benefit coconut farmers, biodiesel producers and other players in the sector as over 900 million coconuts would be needed to produce the CME requirements.

 

 

Source: ABS-CBN News 

 

 

 

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