Report: PH gas, diesel price hikes take effect today

When will it stop?
by Drei Laurel | Oct 2, 2018
PHOTO: Kiril Havezov/Freeimages.com

Can gas prices get any higher? According to a report by GMA News Online, the answer is yes. In fact, the news agency reported that price hikes for gas, diesel and kerosene already took effect at 6am today—the eighth consecutive week of rising fuel costs.

Caltex, Flying V, Petron, Shell and Seaoil increased diesel prices by P1.35 per liter, gasoline by  P1.00, and kerosene by P1.10, the report said. Meanwhile, Eastern Petroleum, Petro Gazz, Phoenix Petroleum, PTT Petroleum, Total, and Unioil rolled out the same rates excluding kerosene.

According to Department of Energy Oil Industry Management Bureau director Rodela Romero, the latest hike stems from developments in the global oil market.

"Basically po, dahil sa strength in crude market, 'yun po ang dahilan kung bakit tumaas ang ating mga finished products like gasoline, diesel, and LPG," the official said during an interview on News To Go. "Dahil po sa kaguluhan sa Middle East...and then nagkaroon din po ng mga market uncertainties, at the same time po tighter po 'yung crude inventories at tsaka po 'yung pagbaba ng production ng Venezuela."

Our wallets are already feeling lighter just reading that statement. Hopefully, fuel prices can settle down sooner rather than later. Motorists could use a break.

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PHOTO: Kiril Havezov/Freeimages.com
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