Oil Price Hike Expected This Week this Week, Gas Stations Say
FUEL PRICE UPDATE – Various gas stations in the country are set to implement a big-time oil price hike this week.
On October 15, 2024 (Tuesday), several major oil companies are set to implement huge price increases marking the fourth consecutive week of diesel price hikes and the third week for kerosene.
Major fuel firms such as Shell, Seaoil, Caltex, and Cleanfuel have announced that gasoline prices will rise by P2.65 per liter. Diesel prices will increase by P2.70 per liter, while kerosene will go up by P2.60 per liter.
The price adjustments will take effect at 6 a.m. on Tuesday, with Cleanfuel applying the changes slightly later at 4:01 p.m. the same day.
The latest round of price hikes is reportedly caused by Geopolitical tensions, particularly in the Middle East, are causing supply concerns, while production cuts and unplanned refinery shutdowns are adding pressure to global oil prices.
Additionally, the strengthening of the US dollar has made importing oil more costly for local refiners.
Last week, diesel and kerosene prices saw a modest increase, while gasoline prices remained steady. Over the course of the year, gasoline prices have increased by a total of P6.05 per liter, diesel by P4.05, and kerosene has dropped by P5.35 per liter, as of October 8, 2024.
These price hikes come as part of a broader trend of rising oil costs, and drivers are being advised to adjust their budgets accordingly. As oil prices continue to fluctuate due to global market dynamics, consumers can expect further adjustments in the near future.
Previously, DOE expects big time oil price hike next week
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