In contrast to the start of the year, fuel prices are on an upward trend. Tomorrowm November 29, 2016, sees a significant hike in fuel prices from both major players and smaller fuel companies. The hike, which goes as high as Php 1.50 per liter, may be attributed to rising crude prices bolstered by the increasing peso-to-dollar exchange rate.
Local fuel companies, such as Petron and Shell, are set to increase unleaded prices by Php 1.50 per liter. Diesel prices are also set to go up tomorrow by Php 1.20 per liter while Kerosene jumps by Php 1.40 per liter. Price increases for Petron, Shell, Total, SeaOil, PTT, Eastern Petrolium, Phoenix and Jetti take effect by 6:00 AM tomorrow morning. Flying V meanwhile will set the new prices by 12:01 AM and Unioil, by 6:01 AM. Caltex has yet to release a statement and the time of effectivity of the price hike.
The trend of local fuel prices increases is opposite of global oil prices which are currently going down. In a report by Reuters, oil prices continue to go down as doubts surrounding oil output cuts continue to float around. Foreign companies are also trying to reign in the oversupply of fuel while some OPEC members are lobbying to be exempt from output cuts.