Big-Time Fuel Price Hike to Take Effect on Tuesday (November 12, 2024)

DOE Says Big-Time Fuel Price Hike to Take Effect This Week

According to the Department of Energy, a big-time fuel price hike is expected to take effect on Tuesday (November 12, 2024).

Several gas stations, including Seaoil, Shell, Caltex, and PetroGazz, will raise their prices. Diesel will go up by P2.10 per liter, gasoline will rise by P1.50 per liter, and kerosene will increase by P1.20 per liter. The new prices will kick in at 6 a.m.

According to Department of Energy Assistant Director Rodela Romero, there are a few reasons behind the looming oil price hike. First, Hurricane Rafael has caused some problems in the United States, especially in the Gulf of Mexico, where a lot of oil is produced.

Big-Time Fuel Price Hike

The problem has reduced the amount of oil being made. Also, OPEC (the group of oil-producing countries) and countries like Russia have delayed their plan to increase oil production, which is making the supply even tighter.

Another reason is that the U.S. Federal Reserve recently lowered interest rates, which also affects global oil prices. On top of that, the Philippine peso is weaker compared to the dollar, which makes it more expensive for the country to buy oil.

“We use dollars to buy petroleum products, we’ll need more pesos to buy fuel now,” Romero said.

Big-Time Fuel Price Hike

Last week, there were some mixed changes in fuel prices. Gasoline dropped by just P0.10 per liter, but diesel and kerosene went up by P0.75 and P0.50, respectively.

The total price adjustment for gasoline is now a rise of P8.65 per liter, and kerosene is up by P7.30. Diesel has seen a slight drop of P2.60 per liter, as of November 5, 2024.

In another report, a fuel firms release oil price update for next week

The social media users expressed their reactions to the announcement:

This is a developing report, just visit this website regularly or refresh the page for further updates.

Leave a Comment