November to close with fuel price hike

Ched Rick Gatchalian

ABS-CBN News

<div><img src="https://od2-image-api.abs-cbn.com/prod/editorImage/17323362036621731892739265172008154446120221010-oil-price-hike-MD--7.jpg" style="width:958px" class="fr-fic fr-dib"/>Motorists queue for fuel at a gas station in Pasig City. Mark Demayo, ABS-CBN News/FileMANILA — As November ends, oil prices may climb to as much as P1 mainly due to <a class="fr-green fr-strong" href="https://www.abs-cbn.com/news/world/2024/11/21/putin-hints-at-strikes-on-west-in-global-ukraine-war-0655">continued tensions between Ukraine and Russia</a>, according to the Department of Energy.</div>Based on the first 5 trading days, here&#x27;s the expected price increase so far:Diesel    P1.00 - P1.20/LGasoline  P1.10 - P1.30/LKerosene  P0.70 - P0.90/LThe intensifying war in Ukraine continues to create fear in the market, prompting to initiate the hikes.Reuters reports that the market worries over possible accidental destruction in any part of oil, gas, and refining.Department of Energy - Oil Industry Management Bureau Director Rodela Romero has also stated that an oilfield outage in Norway and the <a class="fr-green fr-strong" href="https://www.abs-cbn.com/news/business/2024/11/21/peso-again-hits-historic-low-of-p59-to-us-dollar-1707">peso&#x27;s depreciation against the dollar</a> have pushed the fuel prices upward.The adjustments shall take effect next Tuesday, November 26.Last Tuesday,<a class="fr-green fr-strong" href="https://www.abs-cbn.com/business/2024/11/18/oil-prices-fall-on-tuesday-after-series-of-hikes-906"> a less than P1 per liter rollback </a>occurred due to weaker demand on petroleum products.

As November ends, oil prices may climb to as much as P1 mainly due to continued tensions between Ukraine and Russia, according to the Department of Energy.

As November ends, oil prices may climb to as much as P1 mainly due to continued tensions between Ukraine and Russia, according to the Department of Energy.

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November to close with fuel price hike

November to close with fuel price hike

Ched Rick Gatchalian,

ABS-CBN News

Published Nov 23, 2024 12:37 PM PHT

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