Fuel Stations Confirm Oil Price Hike on Tuesday
OIL PRICE HIKE – Several fuel stations announced that they will implement increases on the costs of oil products on Tuesday, October 18, 2022.
The prices of fuel such as diesel, gasoline, and kerosene usually change on a weekly basis. The changes affects a lot of people most especially the private vehicle owners and the public utility vehicle (PUV) drivers.
This year, there were weeks when oil prices were so high amid the global oil crisis. The cost of diesel and gasoline even surprised P85 per liter for a time. It urged the PUV drivers to call for fuel subsidy from the government and the private vehicle owners and several groups to call for the suspension of the oil price hike – which Malacañang declined explaining that the fund from the fuel excise tax is already intended for government projects. The Palace release fuel vouchers to help the PUV drivers.
Meanwhile, the series of oil price rollbacks in the previous weeks have greatly helped pull the costs of fuel down most especially diesel. However, stability is quite rare when it comes to the costs of oil as it depends on the product’s standing in the world market.
Recently, oil industry experts expressed their forecast that another oil price hike will take place this week. It follows an increase in the fuel prices which was implemented last Tuesday.
Based on a report on ABS-CBN News, the oil price hike will be implemented on Tuesday October 18, 2022. Here are the price increases on diesel, gasoline, and kerosene as announced by the different fuel companies:
Caltex (12:01 midnight)
- Diesel – +P2.70 per liter
- Gasoline – +P0.80 per liter
- Kerosene – +P2.90 per liter
Shell, Seaoil (6:00 a.m.)
- Diesel – +P2.70 per liter
- Gasoline – +P0.80 per liter
- Kerosene – +P2.90 per liter
Cleanfuel (4:01 p.m.)
- Diesel – +P2.70 per liter
- Gasoline – +P0.80 per liter
Based on the report, the Department of Energy explained that the oil price hike is due to the OPEC Plus decision that called for the reduction of oil products by 2 million barrels per day this November.
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