Diesel prices to rise by up to P3 per liter week of October 18

Updated Oct 17, 2022 | Same topic: Latest Consumer Reports

Gasoline and kerosene will also have higher prices at the pumps.

A new round of fuel price increases awaits motorists this week, with diesel users bearing the brunt of the impact.

PH Fuel Watch FB post

PH Fuel Watch announced fuel price increases for the second straight week

A Facebook post by fuel price watchdog PH Fuel Watch announced that diesel fuel will hike between Php 2.70 and Php 3.00 per liter. Meanwhile, gasoline prices will also increase between Php 0.80 and Php 1.10 per liter. The adjustments will be effective Tuesday, October 18.

Independent oil player Unioil also gave notice on its social media channels that it will implement a fuel price increase on both its gasoline and diesel products, but gave no specific rates.

For Cleanfuel, it will be raising diesel prices by Php 2.70 per liter, while gasoline will cost Php 0.80 per liter more at the pumps. The changes will take effect on Tuesday at 8:01 a.m.

Cleanfuel fuel price adjustment

Cleanfuel will be implementing updated fuel prices on the morning of October 18

Major oil retailer Pilipinas Shell announced similar increases for its own fuel blends. Diesel prices will see a hike of Php 2.70 per liter, while motorists will have to spend Php 0.80 more for every liter of gasoline. For kerosene, an increase of Php 2.90 per liter is expected. Updated prices will be reflected on Shell outlets by Tuesday at 6:00 a.m.

The upward movement in fuel prices was spurred by the decision of the Organization of Petroleum Exporting Countries (OPEC) to reduce global oil production by two million barrels per day. This was seen as the group’s response to a previous oil price decline after the U.S. increased interest rates, according to Oil Industry Management Bureau Director Rino Abad.

Gas station attendant

A reduction in global oil output continues to drive prices upward

A Reuters report cites the International Energy Agency as warning that the OPEC+ decision could bring the global economy into a recession.

According to data from the Department of Energy (DoE), year-to-date fuel price adjustments stand at Php 35.80 per liter for diesel, Php 15.65 per liter for diesel, and Php 26.75 per liter for kerosene.

Monitor fuel price adjustments at Philkotse.com.

Joseph Paolo Estabillo

Author

Joseph holds a degree in Journalism from the University of the Philippines Diliman and has been writing professionally since 1999. He has written episodes for CNN Philippines' motoring show Drive, and has worked on corporate projects for MG Philippines and Pilipinas Shell. Aside from being Philkotse.com’s Content Lead, he also writes content for numerous car dealerships in the U.S., spanning multiple brands such as Alfa Romeo, Chrysler, Dodge, Jeep, and Maserati, among others.

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