October 14, 2024 | 10:42am
MANILA, Philippines — Oil companies have announced that starting Tuesday, October 15, consumers will face higher fuel prices, following a four-week surge in diesel and a three-week rise in kerosene costs.
Diesel prices will increase by P2.70 per liter, according to advisories from Shell Pilipinas, CleanFuel, Caltex, PetroGazz and Seaoil.
Kerosene prices will also rise by P2.60 per liter, as announced by Shell Pilipinas, Caltex and Seaoil.
Gasoline prices will also have an upward movement of P2.65 per liter after a week of stability.
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.
The Department of Energy (DOE) attributed the upward price adjustment to the surge in the international prices of diesel and kerosene last week as tensions in the Middle East continue to escalate.
As of October 8, the energy department has recorded a year-to-date net increase of P4.05 per liter for diesel and P6.04 per liter for gasoline.
Meanwhile, kerosene has seen a total net decrease of P5.35 per liter. This is bound to change after this week’s fuel price hike.
According to the DOE, the common retail price of gasoline in Metro Manila from October 8 to 14 ranged from P55.10 to P66.26 per liter.
Diesel prices were between P50.50 and P65.85 per liter, while kerosene averaged around P68.30 per liter across most areas and oil companies.
With this week’s price hike, fuel prices are anticipated to approach P70 per liter.
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