Motorists in Manila continue to face relentless fuel price hikes, with local oil companies announcing the highest increase this year. Effective Tuesday, August 8, diesel prices will go up by P4 per liter, gasoline by 50 centavos per liter, and kerosene by P2.75 per liter. Seaoil and Shell will implement these adjustments at 6 a.m., followed by CleanFuel at 4:01 p.m. This marks the second consecutive week that pump prices have exceeded the P3 mark. Rino Abad, director of the Department of Energy’s Oil Industry Management Bureau, attributes these hikes to output cuts in Saudi Arabia despite interest rate increases by the US and European Central Bank. Saudi Arabia has announced a decline in crude production by 1 million barrels per day, resulting in a two-year low of 9 million barrels per day. Last week, oil firms increased the price of gasoline by P2.10 per liter, diesel by P3.50 per liter, and kerosene by P3.25 per liter. The Department of Energy highlights a year-to-date net decrease of 10 centavos per liter for kerosene, a net increase of P11 per liter for gasoline, and P3.10 per liter for diesel.
READ: Oil extends gains, hovers at four-month highs on OPEC+ cuts
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