INQUIRER FILE PHOTO
Oil companies are set to increase the pump prices of petroleum products for the sixth consecutive week on Tuesday, August 15. The anticipated increase may reach up to P2.50 per liter.
Gasoline prices will increase by P1.90 per liter, while diesel prices will rise by P1.50 per liter. Kerosene prices will also go up by P2.50 per liter.
Shell and Seaoil will implement these price adjustments by 6 a.m. on Tuesday.
According to Rino Abad, director of the Department of Energy (DOE) Oil Industry Management Bureau, the continuous price hikes are attributed to the decrease in daily outputs in Saudi Arabia.
Saudi Arabia, the world’s largest oil exporter, has previously announced a reduction in 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 experienced the highest increase this year, rising by up to P4 per liter.
On August 8, gasoline prices increased by 50 centavos per liter, diesel prices increased by P4 per liter, and kerosene prices increased by P2.75 per liter.
This brings the year-to-date net increase to P11.50 per liter for gasoline,
Denial of responsibility! SamacharCentrl is an automatic aggregator of Global media. In each content, the hyperlink to the primary source is specified. All trademarks belong to their rightful owners, and all materials to their authors. For any complaint, please reach us at – [email protected]. We will take necessary action within 24 hours.
Omprakash Tiwary is a business writer who delves into the intricacies of the corporate world. With a focus on finance and economic landscape. He offers readers valuable insights into market trends, entrepreneurship, and economic developments.
Denial of responsibility! Samachar Central is an automatic aggregator of Global media. In each content, the hyperlink to the primary source is specified. All trademarks belong to their rightful owners, and all materials to their authors. For any complaint, please reach us at – [email protected]. We will take necessary action within 24 hours.
