Oil firms announce hikes in fuel prices effective Tuesday

MANILA, Philippines — Pump prices of diesel, gasoline and kerosene will increase Tuesday.

Diesel will see the biggest hike of P6.85 per liter, while gasoline and kerosene prices will rise by P1.20 and P3.50 per liter, respectively.

Local oil firms on Monday announced the following price adjustments which will take effect on Tuesday, Oct. 11.

Shell (6 a.m.)
Gasoline: +P1.20
Diesel: +P6.85
Kerosene: P3.50

Cleanfuel (8:01 a.m.)
Gasoline: +P1.20
Diesel: +P6.85

The price adjustment estimates were based on the average Mean of Platts Singapore (MOPS) trading from Oct. 3 to 6. Friday’s trading data were not yet included in the projections.

Oil prices in the world market increased after OPEC +, a group of 23 oil exporting countries, agreed to cut oil production by some 2 million barrels per day.

The price hike comes after two straight weeks of rollbacks for gasoline and five weeks for diesel and kerosene.