Ever since OPEC announced that they will be cutting down oil production for the rest of the year, it triggered an immediate reaction, a continuous increase in fuel prices.
Last week, diesel jumped up a massive 6 plus pesos with gasoline increasing incrementally. This week though diesel again takes the top spot in terms of the fuel price increase.
Fuel price Increase October 18, 2022
At the moment Clean Fuel and Sea Oil are the first petroleum companies to release their price increase, and it is most likely to be followed throughout the day by the rest of the industry.
Here are the following price increases:
Diesel PHP 2.70
Gasoline PHP 0.80
Kerosene PHP 2.90
While it may not be as high as last week’s price increase, it still greatly affects the overall price per liter of fuel. Needless to say, we can expect this to continue for the time being, and motorists should gas up today as much as possible.