Motorists brace for another hefty round of oil price hikes as fuel retailers announced adjustments effective Tuesday, Oct. 15.
Several major oil companies, including Shell, Seaoil, CleanFuel, and Caltex, have announced that gasoline prices will increase by P2.65 per liter, while diesel and kerosene will go up by P2.70 and P2.60 per liter, respectively.
This latest price adjustment is attributed to rising crude oil prices in the global market, primarily driven by geopolitical tensions in the Middle East and potential supply disruptions.
Additionally, the strengthening US dollar has made imported oil more expensive for local refiners.
Last week, Jetti Petroleum noted that the global oil market was influenced by these factors, leading to a slight increase in diesel and kerosene prices while gasoline prices remained stable.