By Junex Doronio
ATTRIBUTING TO IRAN’S CALL on members of the Organization of Islamic Cooperation (OIC) to impose an oil embargo and other sanctions on Israel and the drop in US crude stockpiles, oil prices are rising anew on Tuesday, October 24.
This was the analysis of Rodela Romero, Director 3 of the Department of Energy (DOE) Oil Industry Management Bureau.
She also cited the visit of US President Joe Biden to the Middle East, particularly Israel, in a bid to prevent further escalation of the ongoing tension in the region.
Iran is known to be backing the Hamas militants of Palestine.
Motorists have to brace with pump prices expected to rise by more than P1 in the wave of hikes.
On Monday, petroleum companies announced the following price hikes:
SHELL PILIPINAS, SEAOIL (effective 6 a.m.)
Gasoline – P0.95/L increase
Kerosene – P1.25/L increase
Diesel – P1.30/L increase
CLEANFUEL (effective 4:01 p.m.)
Gasoline – P0.95/L increase
Diesel – P1.30/L increase
CALTEX (effective 12:01 a.m.)
Gasoline – P0.95/L increase
Kerosene – P1.25/L increase
Diesel – P1.30/L increase
PETROGAZZ (effective 6 a.m.)
Gasoline – P0.95/L increase
Diesel – P1.30/L increase
(AI/MNM)
