File photo: A gasoline attendant in Las Piñas City readies the gasoline nozzle to fill up a tank on Monday. People are bracing for another big-time price hike on petroleum products.Local pump prices are on the rise again this week. Gasoline prices will increase by P1.90 per liter, diesel by P1.50 per liter, and kerosene by P2.50 per liter.
This week’s price increase is the seventh consecutive for diesel and kerosene and the sixth for gasoline. The Department of Energy attributed the spiraling fuel prices to the extended Saudi Arabia and Russia supply cuts until September. Saudi Arabia will continue the one million barrel per day cut that is holding crude production at a two-year low of 9 million b/d in September, while Russia is tapering its 500,000 b/d export cut for August to 300,000 b/d for September.
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