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Gasoline, diesel, kerosene prices to increase Tuesday
Local oil companies will increase pump prices of diesel by P1.30 per liter, gasoline by P0.95 per liter, and kerosene by P1.25 per liter starting Tuesday, October 24.
Seaoil Philippines Corp. and Pilipinas Shell Petroleum Corp. have announced these price adjustments, with Cleanfuel implementing the same changes for diesel and gasoline.
These increases follow a rollback last week for diesel and kerosene, and a price hike for gasoline.
The Department of Energy cited declining oil stockpiles in the United States due to rising demand as a reason for the price adjustment.
The visit of US President Joe Biden to the Middle East, aimed at de-escalating regional tensions, is also a contributing factor.
Additionally, Iran's appeal to OPEC for an oil embargo against Israel and the escalating tensions following a hospital blast in Gaza City are cited as reasons for the fuel price hike.
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Local oil companies are implementing a fuel price increase effective Tuesday, October 24, with gasoline prices rising by P0.95 per liter and diesel by P1.30 per liter.
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Gasoline prices will increase by P0.55 per liter starting Tuesday, October 17, while diesel prices will decrease by P0.95 per liter.
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Diesel prices are set to decrease by P1.25 per liter, and kerosene prices by P1.20 per liter.
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