Gasoline Price Hike
Fuel companies in the Philippines have officially raised the prices of petroleum products starting from Tuesday. This hike affects a range of companies, including Shell, SeaOil, CleanFuel, Caltex, PetroGazz, Jetti, Unioil, and PTT, all announcing a price increase of P0.95 per liter for gasoline. This change marks a notable adjustment in fuel rates across the country.
Diesel Prices on the Rise
Concurrently, the price of diesel is set to increase by P1.30 per liter for all petroleum companies. This move puts an end to a three-week-long streak of diesel price reductions, reflecting the dynamic nature of global oil prices.
Kerosene Price Adjustment
Kerosene, too, is not spared from this wave of price fluctuations, with a hike of P1.25 per liter being implemented. This change is set to have an impact on consumers who rely on kerosene for various purposes, including lighting and heating.
Depletion of Crude Oil Stocks
The Department of Energy (DOE) recently pointed to the depletion of crude oil stockpiles in the United States as the primary reason behind these price increases. According to data released by the DOE on October 17, year-to-date calculations reveal a per-liter increase of P12.80 for gasoline, P10.40 for diesel, and P4.99 for kerosene. These significant adjustments are indicative of the volatile nature of the global energy market.
To stay informed about ongoing developments in fuel prices and energy-related news, keep an eye on trusted news sources and official advisories. Being aware of these changes can help consumers make more informed decisions about their fuel consumption and expenses.