Oct. 28: Diesel prices up by P2, gasoline by P1.20

MANILA, Philippines — After last week’s rollback ended the two-month fuel price hike, motorists have to brace for a big-time increase bordering P2 per liter starting Tuesday, October 28.

Oil firms are set to raise gasoline prices by P1.20 per liter, diesel by P2 per liter and kerosene by P1.70 per liter, higher than the industry estimates last week. 

Shell Pilipinas, Seaoil, CleanFuel and PetroGazz announced the upward price adjustments on Monday, October 27.

According to the Department of Energy’s Oil Industry Management Bureau, the latest price hike stemmed from new US sanctions on Russia’s largest oil firms, imposed as part of efforts to push for a peace deal with Ukraine.

The sanctions have further tightened the supply of Russian oil, a key global source, driving up prices despite projections of higher production from the Organization of the Petroleum Exporting Countries (OPEC). 

Tensions in the Middle East have also unsettled the market, with the fragile ceasefire between Israel and Hamas showing signs of strain as both sides continue to exchange strikes.

Last week, gasoline prices climbed by P0.10 per liter, while diesel and kerosene prices dropped by P0.70 per liter and P0.60 per liter, respectively.

This was largely due to the expected oversupply from OPEC and its allies, coupled with increasing US output.

In Metro Manila, prevailing retail fuel prices stood at the following levels from October 21 to October 27:

• Gasoline (RON97/100): P68.37
• Gasoline (RON95): P59.95
• Gasoline (RON91): P55.40
• Diesel: P54.75
• Diesel Plus: P67.39
• Kerosene: P75.82 

With this week’s price hike, year-to-date increases will bring gasoline up by P16.50 per liter, diesel by P19.15, and kerosene by P6.55.