Fuel prices to increase starting Tuesday

Tuguegarao City, Cagayan – Oil companies have announced over the weekend that fuel prices are expected to climb this week anew due to international factors affecting the oil industry.

Big players in the industry bared that diesel prices will increase by P5.90 to P6.00, while gasoline will be up by P1.10 to P1.30 starting Tuesday, October 11.

Last Friday, the Department of Energy made an earlier forecast of diesel prices hiking to over P5 and gasoline by 70 cents. However, the oil firms have later announced a much larger leap in the prices of fuel.

The DOE added that since the start of 2022, prices of diesel have bloated to P28.95 per liter; gasoline by P14.45 per liter; and kerosene by P23.25.

With the fuel crisis at hand, initially triggered by the Russia-Ukraine conflict, the government has scrambled to send aid to affected sectors particularly the transportation sector.

The Philippine Statistics Authority has also recently reported a jump in the country’s inflation of up to 6.9% in September, attributing to faster food inflation due to rising logistical costs, among other factors. TNF