MOTORISTS are bracing for another blow to their wallets as fuel retailers announced significant price hikes on Monday, marking the fourth consecutive week of increases for diesel and the third for kerosene.
Chevron Philippines Inc. (Caltex), Seaoil Philippines Corp., and Shell Pilipinas Corp. all announced price increases of P2.65 per liter for gasoline, P2.70 per liter for diesel, and P2.60 per liter for kerosene. Cleanfuel will implement the same adjustments, excluding kerosene, which it does not carry.
The price hikes will take effect at 6 a.m. on Tuesday, October 15, for all companies except Cleanfuel, which will adjust prices at 4:01 p.m. on the same day. Other retailers are expected to follow suit.
The Department of Energy-Oil Industry Management Bureau (DOE-OIMB) attributed the latest increases to ongoing geopolitical concerns, production cuts, and unplanned refinery outages, which have disrupted global supply chains.
Last week, diesel prices rose by P1.20 per liter and kerosene by P0.70 per liter, while gasoline prices remained unchanged. As of October 8, 2024, the year-to-date adjustments have resulted in a net increase of P6.05 per liter for gasoline, P4.05 per liter for diesel, and a net decrease of P5.35 per liter for kerosene.
The continued price hikes are a significant burden for motorists and businesses alike, adding to the growing cost of living and impacting economic activity.
