Oil Companies to Impose Fuel Price Hike on First of October

Gas Stations to Implement Fuel Price Hike on October 1, 2024 (Tuesday)

OIL PRICE UPDATE – Various oil companies in the country are set to impose a fuel price hike on the first day of October.

Filipino motorists will face another increase in fuel prices as oil companies announce the third consecutive adjustment in just three weeks. Gasoline, diesel, and kerosene are all set for price hikes starting Tuesday, October 1, 2024.

According to the latest advisories from major fuel companies, gasoline prices will increase by P0.45 per liter, while diesel will rise by P0.90 per liter. For the first time in weeks, kerosene prices will also go up by P0.30 per liter.

Oil Companies

Shell, Seaoil, and Caltex will implement the fuel price adjustments at 6 a.m., which doesn’t sell kerosene, while Cleanfuel will implement the same increases for gasoline and diesel starting at 4:01 p.m.

The Department of Energy’s Oil Industry Management Bureau (DOE-OIMB) attributes these adjustments to several global factors. The ongoing conflict between Israel and Lebanon has heightened concerns over oil supply, creating uncertainty in the market.

Meanwhile, China’s recent economic stimulus and fluctuations in U.S. crude oil inventories have further pushed up fuel prices. The looming oil price hike marks the third time in recent weeks that fuel prices have been raised.

Oil Companies

Last week, gasoline saw an increase of P1.10 per liter, while diesel prices went up by P0.20. With this new set of adjustments, the year-to-date total has brought a net increase of P5.85 per liter for gasoline and P1.95 per liter for diesel.

Despite the rise in kerosene prices, there remains a net decrease of P6.35 per liter since the beginning of the year. Consumers are bracing for the possibility of further price increases in the coming weeks.

Previously, DOE says oil price hike expected on October 1, 2024 (Tuesday)

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