Oil Price Hike Expected on Tuesday (October 24, 2023), According to Gas Companies
FUEL PRICE UPDATE – Various gas companies announced an oil price hike starting on Tuesday (October 24, 2023).
Over the past few decades, the prices of petroleum products have played a vital role in the country’s economy. Pump price adjustments typically have a significant impact on product and service prices in the country.
The pump price hike would add to the daily burden of Filipino people, especially those who rely on public vehicles for their livelihood and individuals who use private vehicles to reach their destinations.
Currently, Filipino motorists are gearing up for another round of increases in petroleum product prices, set to take effect this week. Consumers are advised to consider the impending hikes in pump prices of gasoline, diesel, and kerosene.
According to advisories issued separately by Seaoil Philippines Corp. and Pilipinas Shell Petroleum Corp., gasoline prices will increase by P0.95 per liter, P1.30 per liter of diesel, and P1.25 per liter of kerosene.
Cleanfuel will follow a similar pattern, except for kerosene, which it does not carry in its product lineup.
In the Philippines, it is a common practice in the oil industry for companies to announce price adjustments every Monday, with the changes taking effect the following day.
Just last week, the per-liter cost of diesel and kerosene dropped by P0.95, providing some comfort to motorists. During the same time period, however, gasoline prices climbed by P0.55 per liter.
READ ALSO: Oil companies to impose mixed oil price adjustments on Tuesday (October 17)
Rodela Romero, Assistant Director of the Department of Energy’s Oil Industry Management Bureau, explained the factors influencing gasoline price adjustments. The weekly decrease in US stockpiles due to surging demand is one significant factor for the higher trend in fuel prices.
The DOE official also cited Iran’s appeal to the Organization of the Petroleum Exporting Countries (OPEC) for an oil embargo against Israel, which adds to the geopolitical tension affecting global oil prices.
The social media users react to the looming price increase:
