By Aira Miranda
 
 
Oil companies will impose a major price hike on petroleum products on Tuesday, October 11. This follows several weeks of price rollbacks.
 
The cost of diesel is set to go up by P6.85 per liter.
 
In separate advisories, Clean Fuel and Shell announced that the price of gasoline would increase by P1.20 per liter.
 
Kerosene prices would also increase by P3.50 per liter, according to Shell.
 
Last week, oil companies decreased the price of gasoline, diesel, and kerosene at the pump by P0.40, P0.45, and P0.85, respectively.
 
According to Seaoil, the cost of kerosene would also increase by P3.50 per liter.
 
As of October 4, according to the Department of Energy's oil monitor, the local market's per-liter hikes for gasoline were P14.45, diesel was P28.95, and kerosene was P23.25. These increases have been in effect since the beginning of 2022.
 
The Organization of the Petroleum Exporting Countries and ally-producers' (OPEC+) decision to reduce output by 2.0 million barrels per day beginning next month was the single biggest factor that caused this week's significant price increases, particularly for the cost of diesel and kerosene products.
 
The price changes this week, especially for diesel fuel, will nearly completely cancel out the price decreases for this particular fuel commodity in the series of five-week rollbacks that were enacted from September to the first week of October.