MANILA – The expectation of supply cuts from major oil exporters led to a slight increase in the pump prices of petroleum products effective Tuesday, Nov. 28, according to local oil firms.
In separate advisories, the oil companies said the price of diesel would rise by 30 centavos per liter, while gasoline would remain the same.
The price of kerosene will likewise climb by 65 centavos per liter.
Shell and Seaoil will implement the adjustments by 6 a.m. on Tuesday. CleanFuel will adjust its prices at 4:01 p.m. on the same day.
According to the Department of Energy Oil Industry Management Bureau, this is due mainly to further supply cuts from Organization of the Petroleum Exporting Countries that will be announced later this week.
This ends the four-week consecutive rollbacks brought about by declines in global demand.
Last week, oil firms cut prices by up to 75 centavos per liter.