In an early announcement from Shell Philippines Corporation, Cleanfuel, Petro Gazz, and Seaoil Philippines Corporation, they will increase the price of gasoline by P1.10 per liter starting at 6:00 AM tomorrow, except for Cleanfuel, which will implement the same price hike at 4:01 PM.
Diesel, on the other hand, will increase by P0.20 per liter, while the price of kerosene will remain unchanged.
Other oil companies have yet to make an announcement at the time of this report, but it is possible that they will also follow the price adjustments announced earlier.
According to the Department of Energy-Oil Industry Management Bureau (DOE-OIMB), from their office in Bonifacio Global City in Taguig City, the increase in gasoline and diesel prices is due to the United States' interest rate cut, tensions in the Middle East, maintenance of a refinery in Japan, and the removal of the subsidy for octane grade 95 gasoline in Malaysia.
Last week, the price of gasoline was rolled back by P1.00, while diesel decreased by P1.30, and kerosene by P1.65 per liter.
So far this year, the price of gasoline has increased by P4.85 per liter, diesel by P1.75, while the price of kerosene has dropped by P6.35, according to the latest record on September 17, 2024.
(Pictures by Dexter Terante)
