November 11, 2024 | 3:19pm
MANILA, Philippines — Oil firms are set to implement a price hike beginning Tuesday, November 12 as the country reels from a string of cyclones.
In separate advisories, Seaoil, Cleanfuel, Jetti, and more announced on Monday, November 11 the following price adjustments.
- Diesel – Up by P2.10 per liter
- Kerosene – Up by P1.20 per liter
- Gasoline – Up by P1.50 per liter
Shell, Jetti Petroleum, Petro Gazz, Seaoil will implement its price hike early at 6 a.m. Caltex will implement it at 6:01 a.m.
Cleanfuel will implement the price hike at 4:01 p.m.
The oil price hike comes amid a string of cyclones in the Philippines. The country is still reeling from the impacts of Severe Tropical Storm Kristine and Super Typhoon Leon.
The Philippines is also experiencing the wrath of Typhoon Nika, with another cyclone set to enter the Philippine area of responsibility by November 12.
Following the devastation left behind by Kristine and Leon, the Department of Energy (DOE) reminded oil firms that areas under a state of calamity will have a price freeze on petroleum products.
Any area that declares a state of calamity will have a price freeze on oil for 15 days.
“In this regard, oil companies are hereby warned that any attempt to exploit this situation by engaging in overpricing practices shall be subject to severe sanctions, which may include imprisonment for a period of one to 10 years, or fines ranging from P5,000 to P1,000,000.00, or both, at the discretion of the court,” the DOE said in a statement.
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