Starting Tuesday morning, oil companies will jack up diesel price by P2.7 per liter, kerosene by P2.9 per liter, and gasoline by P0.80 per liter.
The price adjustment will be implemented at 6 a.m. of October 18 by Seaoil, Shell, Caltex, PTT, Unioil, Phoenix, and Petron. Other oil firms will follow suit. Cleanfuel, meanwhile, will implement the price hike at 4:01p.m.Last week, oil companies implemented a per liter increase in the price of gasoline by P1.20, diesel by P6.85 and P3.50 for kerosene. These resulted in the year-to-date total adjustments to stand at a net increase of P15.65/liter for gasoline, P35.80/liter for diesel, and P26.
Crude oil prices surged to a one-month high in the latest week after the OPEC+ announced a 2 million per barrel cut in the group’s production quotas from November in an apparent move to boost oil prices.It also said that 88 percent of the cuts would come from Saudi Arabia and the UAE, the world’s only countries with remaining spare capacity as of October. Modest contributions are also expected from Kuwait and Algeria.
Source: News Formal (newsformal.com)
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