Gas Firms to Impose Mixed Oil Price Changes This Week
Various oil companies in the country are expected to implement mixed oil price changes on Tuesday (October 8, 2024).
On Monday (October 7, 2024), fuel firms announced that diesel and kerosene prices would increase, marking the third consecutive week of hikes for diesel and the second for kerosene. Meanwhile, gasoline prices will remain unchanged.
Gasoline stations such as Seaoil Philippines Corp. and Shell Pilipinas Corp. revealed that starting at 6 a.m. on Tuesday, the price of diesel will go up by P1.20 per liter, while kerosene will go up by P0.70. Gasoline prices, however, will stay the same. Other companies have yet to announce similar changes for the week.
The Department of Energy’s Oil Industry Management Bureau (DOE-OIMB) Director Rodela Romero had previously reported the expected price adjustments.
DOE reported that while gasoline prices might drop, increases in diesel and kerosene were likely due to potential geopolitical tensions, specifically concerns regarding Israel’s actions towards Iran’s oil infrastructure, as well as disruptions due to Hurricane Helene in the Southeast U.S.
“Many key buyers of the Persian Gulf sour crudes are confident that trade flows between the Persian Gulf and Asia will not be disrupted. East Asia is neutral in the ongoing conflict,” Romero said.
Last week, gasoline prices increased by P0.45 per liter, diesel by P0.90, and kerosene by P0.30. As of October 1, 2024, the latest price adjustments brought the year-to-date increases to a total of P6.40 per liter for gasoline, P2.85 for diesel, and a net decrease of P6.05 decrease per liter of kerosene.
This is a developing report, Filipino consumers are advised to stay informed for further updates.
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