MANILA -For the 10th consecutive week, local oil companies are increasing their pump prices of petroleum products by up to 40 centavos per liter effective Tuesday, September 12, 2023.
In separate advisories, the oil firms said they would raise the price of diesel by 40 centavos per liter and gasoline by 20 centavos per liter. This marks the ninth straight week of price increases for gasoline.
The price of kerosene will likewise rise by 20 centavos per liter.
Seaoil and Shell will implement the price adjustments by 6 a.m. on Tuesday, followed by CleanFuel at 4:01 p.m.
Global supply continued to decline despite high demand as Saudi Arabia is expected to cut production until this month, according to the Department of Energy (DOE) Oil Industry Management Bureau.
Last week, prices climbed by P1.20 per liter for diesel, 50 centavos per liter for gasoline, and P1.10 per liter for kerosene.
This resulted in a year-to-date net increase of P15.30 per liter for gasoline, P10.70 per liter for diesel and P7.74 per liter for kerosene, DOE data show.
Pump prices were last rolled back on July 4 by 70 centavos per liter for gasoline and diesel.