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MANILA – Oil companies are set to increase pump prices of petroleum products for the sixth consecutive week on Tuesday, Aug. 15, with prices expected to rise by up to P2.50 per liter.
In separate announcements, the companies stated that they will raise gasoline prices by P1.90 per liter, diesel by P1.50 per liter, and kerosene by P2.50 per liter.
Shell and Seaoil will implement the price adjustments by 6 a.m. on Tuesday.
Rino Abad, director of the Department of Energy (DOE) Oil Industry Management Bureau, attributed the price hike to the reduction in daily outputs in Saudi Arabia.
Saudi Arabia, the world’s largest oil exporter, announced a cut in crude production by 1 million barrels per day (b/d), resulting in a two-year low of 9 million b/d.
Last week, fuel prices experienced the highest increase this year, reaching up to P4 per liter.
On August 8, gasoline prices increased by 50 centavos per liter, diesel by P4 per liter, and kerosene by P2.75 per liter.
As a result, the Department of Energy reported a year-to-date net increase of P11.50 per liter for gasoline, P7.10 per liter for diesel, and P2.60 per liter for kerosene.
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Denial of responsibility! Vigour Times is an automatic aggregator of Global media. In each content, the hyperlink to the primary source is specified. All trademarks belong to their rightful owners, and all materials to their authors. For any complaint, please reach us at – [email protected]. We will take necessary action within 24 hours.
