Motorists will face higher fuel prices in the first week of October, with oil companies raising prices by up to 90 centavos per liter.
According to Cleanfuel and Shell Pilipinas, diesel prices will go up by 90 centavos, while gasoline will increase by 45 centavos per liter.
Kerosene prices will also inch up by 30 centavos a liter.This marks the second consecutive week of increases.
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Rodela Romero, director of the Department of Energy’s (DOE) Oil Industry Management Bureau, said the upward adjustments could be attributed to the supply “uncertainty” due to worsening conflict in the Middle East. The Chinese government’s move to boost its economy is also seen to offset weak demand in Europe.
“US crude inventory draw is a bullish signal indicating tightening global supplies,” she added in an earlier statement.