Local oil firms hike pump prices by up to P2.50 per liter effective Aug 15

INQUIRER FILE PHOTO

MANILA  -Oil firms will raise the pump prices of petroleum products for the sixth week in a row on Tuesday, Aug. 15, with prices expected to rise by up to P2.50 per liter.

In separate advisories, the companies said they would increase the prices of gasoline by P1.90 per liter and diesel by P1.50 per liter. The price of kerosene will likewise rise by P2.50 per liter.

Shell and Seaoil will implement the price adjustments by 6 a.m. on Tuesday.

According to Rino Abad, director of the Department of Energy (DOE) Oil Industry Management Bureau, this was still due to the cut in daily outputs in Saudi Arabia.

Saudi Arabia, the world’s largest oil exporter, previously said it would cut 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 rose by up to P4 per liter, the highest such increase this year.

The price of gasoline on Aug. 8 increased by 50 centavos per liter, diesel by P4 per liter and kerosene by P2.75 per liter.

This resulted in a year-to-date net increase of P11.50 per liter for gasoline, P7.10 per liter for diesel, and 2.60 per liter for kerosene, the DOE said.