Fuel retailers announced increases in the pump prices, marking the third consecutive week of hikes for diesel and the second week for kerosene, while gasoline prices will remain stable.
Beginning Tuesday, Oct. 8, diesel prices will rise by P1 to P1.20 per liter. Gasoline prices are set to stay unchanged for the week, while kerosene will experience a slight increase of P0.70 per liter.
This price adjustment has been confirmed by several oil companies, including Shell Pilipinas Corporation, Seaoil, CleanFuel, Caltex, PetroGazz, and Jetti Petroleum, as of Oct. 7.
The Department of Energy (DOE) noted last week that the recent changes in prices may be linked to the production cuts announced by the Organization of the Petroleum Exporting Countries (OPEC+).
Rino Abad, DOE Oil Industry Management Bureau (OIMB) said that economic slowdowns in major consumer countries like China and the United States have played a role in this decision.
Additionally, ongoing tensions in the Middle East have further influenced oil prices, he added.
Last week, fuel companies raised the prices of gasoline by P0.45 per liter, diesel by P0.90, and kerosene by P0.30.
As of Oct 1, 2024, year-to-date adjustments have resulted in a net increase of P6.40 per liter for gasoline and P2.85 for diesel, while kerosene has seen a net decrease of P6.05 per liter.