Starting Tuesday, November 12, fuel prices are set to rise significantly, with diesel climbing by P2.10 per liter, according to announcements from major petroleum companies.
Seaoil, PetroGazz, Shell Pilipinas, and Caltex have also confirmed that gasoline prices will increase by P1.50 per liter, while kerosene will go up by P1.20 per liter.
Rodela Romero, director of the Department of Energy’s (DOE) Oil Industry Management Bureau, explained last week that the price hike is linked to Hurricane Rafael’s recent impact on the United States, which may disrupt oil production in the region. She also mentioned that OPEC+—an alliance of the Organization of the Petroleum Exporting Countries and its allies, including Russia—has postponed plans to increase oil output, further influencing prices.
Additionally, Romero pointed out that the U.S. Federal Reserve’s proposal to introduce another round of interest rate cuts has affected oil trading in recent days.
“Other factors contributing to the projected price increase next week include the peso’s depreciation, added premiums on petroleum products, and higher freight costs,” she stated.
Last week, fuel retailers adjusted prices for petroleum products in varying directions, with gasoline being the only product to see a price reduction.
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