An increase in oil prices awaits consumers as the Department of Energy (DOE) announced an oil price hike for this week.

In their recent advisory, DOE announced a round of oil price hikes to be effective on October 15 at 6:00 AM.

Gasoline prices will be increased to P2.65 per liter. While a P2.60 per liter increase will be implemented for kerosene and P2.70 per liter in diesel.

ABISO SA MGA MOTORISTA!

BASAHIN: Narito ang pinal na price adjustments sa presyo ng mga produktong petrolyo na ipatutupad bukas, October 15, ayon sa Department of Energy. | RH 15 @JecelleRicafort, DZRH News pic.twitter.com/zdJ17RTfVw

— DZRH NEWS (@dzrhnews) October 14, 2024

DOE stated that the recent increase is attributed to rising tensions in the Middle East and refinery outages in both Indonesia and Malaysia.