Motorists are set to pay more for fuel as oil companies will implement a big-time price increase on Tuesday, October 15, with up to almost a P3 per liter jump from last week’s costs.
Several leading oil companies, such as Shell, Seaoil, CleanFuel, and Caltex, have announced that gasoline prices will rise by P2.65 per liter, with diesel and kerosene increasing by P2.70 and P2.60 per liter, respectively, for the period October 15 to 21 this year.
These adjustments resulted in a year-to-date net increase of P6.05 per liter for gasoline and P4.05 per liter for diesel, while kerosene saw a net decrease of P5.35 per liter.
Oil companies increased the price of diesel by P1.20 per liter and kerosene by P0.70 per liter last week.
The latest announcements align with forecasts from the Department of Energy-Oil Industry Management Bureau (DOE-OIMB) last week.
“There is also some tightening in supplies of diesel and gasoline in our region due to production cuts (ongoing refinery maintenance and refinery run cuts) and unplanned refinery outages in Indonesia and Malaysia. Overall, the increase is due to higher crude prices, which may stay elevated because of the Middle East tension,” DOE-OIMB Assistant Director Rodela Romero said. (TCSP)
