Oil prices have risen for the second month in a row
Beginning October 18, 2021, oil firms will execute another wave of significant price increases at the pump.
Caltex, Cleanfuel, Petro Gazz, PTT Philippines, Seaoil, and Shell each said that diesel prices will rise by PHP1.50 per liter and gasoline prices would rise by PHP1.80 per liter.
Caltex, Seaoil, and Shell will raise gasoline prices by PHP1.30 per liter as well.
This is the third week in a row that pump prices have risen by more than PHP1 a liter.
For the eighth week in a straight, local players have raised gasoline prices.
Diesel prices in the Philippines have risen by PHP8.65 in the last two months, gasoline prices by PHP7.20, and kerosene prices by PHP8.05.
“Dubai crude has risen by approximately USD3 per barrel week on week.” MOPS (Mean of Platts Singapore) gasoline and MOPS diesel have also risen by almost USD4 per barrel and USD 4.40 per barrel, respectively,” according to the Department of Energy’s (DOE) oil report.
DOE Assistant Secretary Gerardo Erguiza Jr. has said that the increase in oil prices is mostly impacting the transportation industry and has little effect on electricity costs.
Subsidies are also being considered by the government to assist the impacted industries.
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This article is for informational purposes only and does not constitute endorsement of any specific technologies or methodologies and financial advice or endorsement of any specific products or services.
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