Motorists will have to tighten spending this week after local oil firms announced hefty increases in the pump prices of petroleum products by as much as P3.50 per liter effective on Tuesday, Aug. 1.
In separate advisories, the companies said they would raise the price of gasoline by P2.10 per liter and diesel by P3.50 per liter. The price of kerosene will also climb by P3.25 per liter.
This marks the fourth consecutive week of price increases for diesel and kerosene and the third for gasoline as US and European Central Bank rate hikes failed to make it in time to mitigate the impact of Saudi Arabia’s production cuts.
Seaoil and Shell will implement the price adjustments by 6 a.m. on 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 centavos per liter and kerosene by 35 centavos per liter.
According to the Department of Energy, this resulted in a year-to-date net decrease of 40 centavos per liter for diesel and P3.35 per liter for kerosene. Gasoline, meanwhile, had a net increase of P8.90 per liter.
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