Another round of oil price increase takes effect this week, extending price hikes for diesel and kerosene to nine consecutive weeks and eight for gasoline. Oil firms on Monday announced they would adjust pump prices by P0.50 per liter for gasoline products, P1.20 per liter for diesel, and P1.10 per…
Another round of oil price increase takes effect this week, extending price hikes for diesel and kerosene to nine consecutive weeks and eight for gasoline.
Oil firms on Monday announced they would adjust pump prices by P0.50 per liter for gasoline products, P1.20 per liter for diesel, and P1.10 per liter for kerosene. Last week, oil companies implemented an increase of P0.30/liter for gasoline, P0.70/liter for diesel and P0.80/liter for kerosene. These price adjustments resulted in a year-to-date net increase of P14.80/liter for gasoline, P9.50/liter diesel and P6.64/liter for kerosene.
Oil firms adjust their prices every week to reflect movements in the world oil market. Based on Department of Energy’s latest monitoring, global prices continue to rise as a result of OPEC+ reduction of supply until September. The upward trend would likely continue in the weeks to come due to the production cuts by one million barrels of oil per day by Saudi Arabia. Russia also announced export cuts of 300,000 bpd, following a 500,000-bpd cut in August.
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