Shell, Seaoil, Cleanfuel and Caltex on Monday said that they will raise the pump prices of gasoline by P1.90 per liter and diesel by P2.10 per liter.Shell, Seaoil and Caltex said the cost of kerosene will go up by P1.80 per liter.The price hike announcement comes following the declaration of Saudi Arabia that it will cut its oil production by 1 million barrels per day this month.
Last July 11, 2023, oil companies lowered the prices of gasoline by P0.20 per liter but raised the cost of diesel and kerosene by P0.75 per liter and P0.50 per liter, respectively.Overall, these price adjustments resulted in a year-to-date net decrease of P2.95 per liter for diesel and P5.50 per liter for kerosene. Gasoline, on the other hand, has a net increase of P5.65 per liter.
Source: News Formal (newsformal.com)
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