Motorists will once again face higher petrol and diesel prices in the first week of October, as oil companies have announced hikes in the prices of petroleum products.
According to advisories from Cleanfuel and Shell Pilipinas, the price of diesel will increase by 90 centavos per liter, while gasoline will have an increase of 45 centavos per liter. The price of kerosene will also increase by 30 centavos per liter.
This is the second consecutive week of price increases for petroleum products.
Rodela Romero, director of the Department of Energy's Oil Industry Management Bureau, explained that the increase in prices was caused by uncertainties in supply caused by ongoing unrest in the Middle East. In addition, China's steps to stimulate its economy are helping to balance weak demand in Europe.
Romero also mentioned that the decrease in crude oil inventory in the U.S. is an indication of tighter supplies around the world, driving even higher prices.
