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Oil price hike to pain motorists' pockets on Tuesday

Business

Oil price hike to pain motorists' pockets on Tuesday

It’s the last week of April, and motorists are about to feel a pinch from oil price increases.

Starting Tuesday, April 29, gasoline will go up by ₱1.35 per liter, while diesel will rise by ₱0.80 per liter.

Kerosene is also set to climb by ₱0.70 per liter.

Shell Pilipinas, Cleanfuel, Petro Gazz, and Seaoil are among the few oil companies that announced these adjustments.

Analysts predicted geopolitical movements as one of the factors in this week’s price spike.

According to the Department of Energy’s (DOE) Oil Industry Management Bureau (OIMB), the United States’ (US) sanctions on Iran has affected the oil shipping network.

This, alongside the decline in US crude inventories, affected global production.

Meanwhile, Jetti Petroleum observed that there could be a possibility that the US would lower its imposed tariff versus China, which could have helped soften the blow on rising prices.

Recently, OPEC+ has considered raising its output by June to help cool off prices, while some analysts predict fuel production could rise if tensions between Ukraine and Russia ease.

Last week, gasoline prices went up by ₱1.35 per liter, diesel increased by ₱1.30 per liter, and kerosene jumped by ₱1.10 per liter.

Related Tags

Diesel Kerosene prices Oil prices Gasoline prices

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