Gasoline, diesel, kerosene prices to increase Tuesday

Motorists should prepare before the long weekend as another round of increase in pump prices of petroleum products will be implemented on Tuesday, October 24.

In separate advisories, Seaoil Philippines Corp. and Pilipinas Shell Petroleum Corp. said prices per liter for diesel will be hiked by P1.30, while that of gasoline will go up by P0.95.

Prices of kerosene, meanwhile, will also increase by P1.25 per liter.

Cleanfuel will implement the same changes excluding kerosene which it does not carry.

Oil companies usually announce price adjustments every Monday to be implemented on the following day.

Last week, prices per liter for both diesel and kerosene decreased by P0.95, while gasoline prices went up by P0.55 per liter.

Department of Energy-Oil Industry Management Bureau Assistant Director Rodela Romero earlier said that among the reasons for the increase in the prices of fuel products is the weekly drop in the stockpiles of the United States due to increasing demand.

The Energy official 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.

Romero also attributed the expected fuel price hike to Iran’s appeal to the Organization of the Petroleum Exporting Countries (OPEC) for an oil embargo for Israel as well the further escalation of tension following the devastating blast at a hospital in Gaza City.

Less supply until end-December

“Kung ang magiging basehan ang inilabas na outlook…ng world supply and demand, until end ng December 2023, may deficit na around 380,000 barrels. Ibig sabihin may kakulangan ng supply versus sa demand,” she said at a public briefing.

(Based on the outlook on world supply and demand that was released, there will be a deficit of around 380,000 barrels until the end of December 2023. This means that there is a lack of supply versus demand.)

To help address this looming problem, Romero said the Department of Energy is continuously coordinating with oil companies to implement discount programs in gasoline stations.

She added that the DOE is doing enforcement and monitoring activities to ensure that petroleum products being sold are of the right quality and quantity.

Romero also advised motorists to properly plan their travels to help conserve fuel.

“Dapat talagang gamitin nila ang kanilang power of choice. May discount sa iba’t ibang gasolinahan. At the same time, magtipid talaga. ‘Yung kanilang lakad o byahe, dapat nakaplano sa private motorists, hindi lang sa public utility vehicles,” she said.

(They should really use their power of choice. There are discounts at some gas stations. At the same time, they have to save fuel. Private motorists and public utility vehicles should plan their trips.) —KBK/KG, GMA Integrated News