MANILA — Fuel prices are set to increase in the middle of November, oil companies announced on Monday.
Starting Tuesday, Nov. 12, pump prices will reflect the following changes:
SHELL PILIPINAS and SEAOIL (effective 6 a.m.):
Gasoline: P1.50 per liter increase
Kerosene: P1.20 per liter increase
Diesel: P2.10 per liter increase
The Department of Energy‘s Assistant Director, Rodela Romero, explained that the price hike was caused by a series of hurricanes in the Gulf of Mexico, where US oil rigs are located.
Additionally, the Organization of Petroleum Exporting Countries (OPEC) delayed its planned increase in oil production, and the US Federal Reserve cut interest rates to combat inflation.
The energy department also pointed to the depreciation of the Philippine peso against the US dollar, which has contributed to higher fuel prices.
Romero added, “We use dollars to buy petroleum products, so we need more pesos to purchase fuel now.”
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