Gasoline up by P1.20 and Diesel gets huge price hike of P6.85 this week—October 11, 2022

The five-week streak is through. After five instances of price rollbacks between September to the first week of October, price rollbacks were announced every week. Unfortunately, this week marks the end of that streak, with a huge increase for diesel and a modest increase for gasoline. Then, Kerosene will also be up by P3.50. 

Fuel companies have announced their price hikes already, announced the implementation period will start tomorrow, October 11, 2022, Tuesday. Shell and CleanFuel wil make their price changes across the board starting at 6:00 AM and 8:01 AM, respectively. 

The fuel price hike was caused by the recent announcement by the Organization of the Petroleum Exporting Countries (OPEC+) stating that oil production will be reduced by 2 million barrels per day due to uncertainty regarding the global economy and the outlook on the oil market. The price of global crude oil then jumped to its highest in five weeks last Friday, October 7, 2022. Prices are now at about $100 USD per barrel. 

With the announcement in the books, motorists can expect higher fuel prices in the coming weeks. OPEC+ stated that the oil production cuts will happen in November, but even as early as now, oil prices are starting to climb since the market could be gearing up for another all-time high price. Expect medium to large price increases in the coming weeks leading up to November. 

 While prices are still low, fill up at your nearest station as much as you can before the day ends and expect long lines at the stations. For gasoline-powered vehicles and motorcycles, oil prices are relatively unchanged following the price increase, but Diesel vehicle owners should take the extra time and fill up before the price increases happen tomorrow morning. Oh, and be sure to fill your tanks to the brim when you do.