Up to P2.70/liter hike in fuel costs set this week

Metro Manila, Philippines - Motorists will have to pay more for fuel products in the first week of November as companies are set to implement a price hike of up to nearly P3 per liter starting Tuesday, Nov. 4.

In separate announcements on Monday, Nov. 3, Cleanfuel and Seaoil said diesel will go up by P2.70 per liter while per liter for gasoline will increase by P1.70.

Seaoil said kerosene costs will rise by P2.10 per liter.

Firms also implemented a big-time upward adjustment last week.

The Department of Energy earlier attributed this week’s price adjustment to the signs of easing US-China trade tensions that would boost oil demand, and sanctions by the United Kingdom, the United States, and the European Union on Russia.

As of Oct. 31, the DOE said the year-to-date total net increase stood at P16.50 per liter for gasoline, P19.15 per liter for diesel, and P6.55 per liter for kerosene.