MANILA – Motorists are yet to get a respite from weeks of fuel price hikes as local oil companies announced price hikes of up to P4 per litre, the highest increase this year, effective Tuesday 8th August.
In separate notices, the oil companies said they would increase the price of diesel by P4 per liter and gasoline by 50 cents per litre. The price of kerosene also rose P2.75 per litre.
Seaoil and Shell will implement the price adjustments at 6 a.m. Tuesday, followed by CleanFuel at 4:01 p.m.
This is the second week in a row that increases in petroleum product pump prices have exceeded the P3 mark.
According to Rino Abad, director of the Department of Energy’s (DOE) Office of Petroleum Industry Management, this was due to production cuts in Saudi Arabia despite interest rate hikes announced by the European Central Bank and from USA
Saudi Arabia had announced that there would be a decline in crude production of 1 million barrels per day (b/d), resulting in a two-year low of 9 million b/d.
Last week, the oil companies implemented an increase in the price of gasoline by P2.10 per liter, diesel by P3.50 per liter and kerosene by P3.25 per liter.
This resulted in a net decrease so far this year of 10 cents per liter for kerosene, a net increase of P11 per liter for gasoline and P3.10 per liter for diesel, the DOE said.
READ: Oil extends gains, round 4-month highs on OPEC+ cuts
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