Fuel prices to increase by up to P1.20 per liter starting Sept 5
MANILA -Pump prices of petroleum products, particularly diesel and kerosene, will continue to climb for the ninth consecutive week on Tuesday, Sept. 5, by as much as P1.20 per liter.
In separate advisories, local oil firms said they would raise the price of diesel by P1.20 per liter, and gasoline by 50 centavos per liter. This also marks the eighth straight week of price increases for gasoline.
The price of kerosene will likewise rise by P1.10 per liter.
Seaoil and Shell are set to implement the price adjustments by 6 a.m. on Tuesday, followed by CleanFuel at 4:01 p.m.
Rino Abad, director of the Department of Energy (DOE) Oil Industry Management Bureau, explained in a radio interview that this was still due to the Organization of the Petroleum Exporting Countries (OPEC+) extending production cuts to September.
The DOE earlier explained that the price increases would likely persist for a few more weeks as demand steadily grew while supply remained low.
Saudi Arabia, the world’s largest oil exporter, previously said it would slash crude production by 1 million barrels of oil per day (b/d), resulting in a two-year production low of 9 million b/d.
Last week, oil firms raised the price of gasoline by 30 centavos per liter, diesel by 70 centavos per liter, and kerosene by 80 centavos per liter.
This resulted in a year-to-date net increase of P14.80 per liter for gasoline, P9.50 per liter for diesel and P6.64 per liter for kerosene, the DOE said.
Oil companies last implemented rollbacks on July 4 by a measly 70 centavos per liter for gasoline and diesel.