Oliver 12 0 0 2 min to read

The increase in oil prices on October 18

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Tuesday will see a further rise in petroleum product prices following a significant spike last week.

Caltex, Cleanfuel, PTT Philippines, Seaoil, and Shell all issued separate advisories stating that starting at 12:01 a.m., gasoline prices will rise by PHP0.80 per liter and diesel prices by PHP2.70 per liter.

Kerosene prices will increase by PHP2.90 per liter, according to Caltex, Seaoil, and Shell announcements.

The same is anticipated from other oil companies.

Last week, market participants increased the cost of gasoline, diesel, and kerosene by PHP1.20, PHP6.85, and PHP3.50, respectively.

The increments have resulted in net price increases for this year for gasoline, diesel, and kerosene of PHP25.60, PHP42.80, and PHP32.80, respectively.

The Organization of Petroleum Exporting Countries and its Allies (OPEC+) announced that they would reduce production by 2 million barrels per day to stop the decline in prices of the most traded commodity in the world. This announcement catalyzed the previous oil price adjustments.

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