DOE Eyes Big Time Oil Price Hike on Tuesday (October 15, 2024)
FUEL PRICE UPDATE – The Department of Energy is expecting a big time oil hike starting next week.
Filipino motorists are preparing for another round of higher fuel prices, expected to kick in next week. Starting Tuesday (October 15, 2024), fuel prices are set to jump by over P2 per liter, based on recent trends in international oil markets.
Gasoline prices will go up by P2.00 to P2.50 per liter, diesel will increase by P2.35 to P2.70 per liter and kerosene will jump by P2.45 to P2.55 per liter, according to DOE.
The looming fuel price increase will be the fourth consecutive week of price hikes for diesel and kerosene, and the third consecutive week for gasoline.
Since early October, diesel prices have already increased by P1.20 per liter, while kerosene saw a rise of P0.70 per liter. Gasoline prices have remained stable until now, but the latest forecast signals a huge change.
The increase is primarily driven by rising concerns about potential disruptions in oil supplies due to the ongoing conflict in the Middle East. If tensions in the region escalate, particularly if Israel’s actions target Iran’s oil infrastructure, it could further impact global oil production.
“There is also some tightening in supplies of diesel and gasoline in our region due to production cuts and unplanned refinery outages in Indonesia and Malaysia. Overall, the increase is due to higher crude prices, which may stay elevated because of the Middle East tension,” the source said.
In Metro Manila, the gasoline is priced between P50.30 and P71.03 per liter, diesel is from P55.40 to P59.80 per liter, and kerosene ranges from P66.59 to P77.65 per liter.
Previously, Mixed Oil Price Changes Expected on Tuesday (October 8, 2024)
Here are some of the comments:
This is a developing report, just visit this website regularly or refresh the page for further updates.