Hefty oil price hikes take effect on Oct. 15

Higher oil prices await motorists starting on Oct. 15, with Shell Pilipinas, Seaoil, Caltex and Petro Gazz announcing in separate advisories the following increases per liter in gasoline, P2.65; kerosone, P2.60; and diesel, P2.70.

Rodela Romero, director of the Department of Energy’s Oil Industry Management Bureau, and Jetti Petroleum said the hikes could be blamed on the Middle East conflict, which might influence oil exports.

“There is also some tightening in supplies of diesel and gasoline in our region due to production cuts (ongoing refinery maintenance and refinery run cuts) and unplanned refinery outages in Indonesia and Malaysia,” Jetti said.

Oil prices also increased last week, with diesel and kerosene going up by P1.20 and 70 centavos per liter, respectively.