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Motorists brace for another oil price hike Tuesday

Business

Motorists brace for another oil price hike Tuesday

By Gabriell Christel Galang

After a week of rollbacks, motorists are facing another price hike at fuel stations.

Starting Tuesday, Nov. 26, gasoline prices will increase by P1.15 per liter, diesel by P1.10 per liter, and kerosene by P0.85 per liter.

Shell Pilipinas, PetroGazz, Clean Fuel, Seaoil, and Jetti Petroleum are among the oil companies that have announced the adjustments.

Analysts attributed the price increases to tensions between Ukraine and Russia, as concerns over escalating conflict could disrupt oil exports from Russia.

It was also predicted that the planned oil production increase by the Organization of Petroleum Exporting Countries (OPEC+) would be delayed due to weaker global demand. This increase was originally scheduled for later this year.

Last week, gasoline prices in Metro Manila ranged from P58.75 to P64.78 per liter, diesel from P56 to P67.05 per liter, and kerosene at P71.35 per liter.

The previous week saw gasoline prices decline by P0.85 per liter, diesel by P0.75 per liter, and kerosene by P0.90 per liter.

Despite the incoming price hikes, some analysts assure that the increases will not be dramatic due to a possible oversupply in the coming months.

Related Tags

Oil price hike

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