Oil prices going up again on Oct. 18

Oil prices going up again on Oct. 18

MANILA – Prices of petroleum products will increase anew on Tuesday following a big-time hike last week.

In separate advisories, Caltex, Cleanfuel, PTT Philippines, Seaoil, and Shell said gasoline prices will increase by PHP0.80 per liter and diesel prices by PHP2.70 per liter starting 12:01 a.m.

Caltex, Seaoil, and Shell also announced that a PHP2.90 per liter hike will be implemented on kerosene prices.

Other oil firms are expected to follow suit.

Industry players last week raised prices of gasoline by PHP1.20 per liter, diesel by PHP6.85 per liter, and kerosene by PHP3.50 per liter.

The increments have brought net price increases for this year to PHP25.60 per liter for gasoline, PHP42.80 per liter for diesel, and PHP32.80 per liter for kerosene.

The previous oil price adjustments were driven by the announcement of the Organization of Petroleum Exporting Countries and its allies (OPEC+) to cut production by 2 million barrels a day as the oil cartel targets to arrest the falling prices of the world’s most traded commodity. (PNA)

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