Oil Price Hike for Gasoline, Rollback for Diesel & Kerosene Set on Tuesday

Details about the Oil Price Hike for Gasoline, Rollback for Diesel & Kerosene

OIL PRICE HIKE – The cost of gasoline is set to increase on Tuesday, November 8, 2022, while diesel and kerosene prices will go down.

The costs of fuel such as diesel, gasoline, and kerosene are among those that affects a lot of people because a huge part of the populace make use of transportation daily. Most of those who are greatly affected are public utility vehicle (PUV) drivers and private vehicle owners.

This year, several nations were greatly affected by the global oil crisis. It was triggered by the war between Russia and Ukraine when the former invaded the latter. Several oil reserves including those in Japan were released amid the crisis to ease the oil problem.

In the Philippines, PUV drivers sought for help amid the high costs of fuel in the country in the previous weeks. The national government released fuel vouchers to help the PUV drivers as many of them appeal that they no longer bring home a good amount due to the high prices of fuel.

Photo Credit: Philippine Star

Meanwhile, there were also rollbacks that somehow eased the challenge on a lot of people including PUV drivers, private vehicle owners, and daily commuters. However, the costs of fuel is unstable depending on the world market. There are also several factors that affect it including the changes on the production of oil.

Usually, the changes on oil prices is announced on a Monday and it is implemented on Tuesday. Based on a report on GMA News, an oil price hike is set for gasoline tomorrow while the costs of diesel and kerosene are expected to go down in some fuel stations.

The diesel price is expected to go up by P1 per liter. As of this writing, only Pilipinas Shell Petroleum Corp. has made an announcement. It is set to increase its gasoline prices by P1.40 per liter and cut the diesel cost by P0.50 per liter and P0.35 per liter.

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