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Diesel prices up by P1.30 per liter

OIL companies raised their pump prices on Tuesday, Oct. 24, 2023.

Shell, Seaoil, Cleanfuel, Caltex, PetroGazz, Jetti Petroleum, PTT, Unioil and Flying V increased the prices of gasoline by P0.95 per liter and diesel by P1.30 per liter.

The cost of kerosene also went up by P1.25 per liter.

The Department of Energy-Oil Industry Management Bureau (DoE-OIMB) said that the price movements are mostly due to the geopolitical tensions owing to the Israel-Hamas conflict.

«For this week, the reasons for the increase in petroleum product prices are mostly due to the resurgence of uncertainty over the further escalation of conflict in Gaza. The increase in prices was also brought about by the decline in US commercial crude stocks and also because of stronger than expected Chinese economic data as well,» DoE-OIMB Director Rodela Romero said.