Motorists will have to adjust spending this week after local oil companies announced sharp increases in petroleum product sales prices of up to P3.50 per liter from Tuesday 1 August.
In separate notices, the companies said they would increase the price of gasoline by P2.10 per liter and diesel by P3.50 per liter. The price of kerosene will also rise by P3.25 per litre.
This marks the fourth consecutive week of price increases for diesel and kerosene and the third for gasoline, as rate hikes by the US and the European Central Bank failed to mitigate the impact of rate cuts in time. Saudi Arabia production.
Seaoil and Shell will implement the price adjustments at 6 a.m. Tuesday, followed by CleanFuel at 4:01 p.m.
Last week, oil companies raised the price of gasoline by P1.35 per liter, diesel by 45 cents per liter and kerosene by 35 cents per liter.
According to the Department of Energy, this resulted in a net decrease so far this year of 40 cents per liter for diesel and P3.35 per liter for kerosene. Gasoline, for its part, had a net increase of P8.90 per liter.
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