Hefty fuel price hike set Oct. 15

MANILA: Motorists will see big-time price hikes in petroleum products effective Tuesday.

In separate advisories on Monday, Caltex, Cleanfuel, Petro Gazz, Seaoil, and Shell announced a hike in gasoline prices by PHP2.65 per liter and PHP2.70 per liter for diesel.

Kerosene prices will also increase by PHP2.60 per liter.

The price adjustment will start as early as 12:01 a.m. Tuesday.

Other oil firms are expected to follow suit.

This will be the fourth straight week of oil price increases since Sept. 16.

Global oil prices have been on the rise as the crisis in the Middle East intensifies.

The Philippine peso also weakened against the US dollar in the previous trading days.

‘Year-to-date, total adjustment of diesel stands at a net increase of PHP4.05 per liter while gasoline remains at PHP6.40 per liter. On the other hand, kerosene has a total net decrease of PHP5.35 per liter,’ DOE said.

With the oil price hike last week, gasoline prices in Metro Manila ranged between PHP49.10 and PHP84.87 per liter, PHP
46.40 to PHP69.95 per liter for diesel, and from PHP67.29 to PHP78.14 per liter for kerosene.

Source: Philippines News Agency