OIL companies announced that prices will again increase by more than P2 per liter on Tuesday, Sept. 19.
In separate advisories, the oil firms said they would hike the prices of gasoline by P2 per liter and diesel by P2.50 per liter. The price of kerosene will likewise increase by P2 per liter.
This is the 11th consecutive week of increases for diesel and kerosene, and the 10th for gasoline.
Caltex will implement the price adjustments at 12:01 a.m. on Tuesday, followed by Shell at 6 a.m., and CleanFuel at 4:01 p.m.
Rino Abad, director of the Department of Energy (DOE) Oil Industry Management Bureau, explained that this was still due mainly to the Organization of the Petroleum Exporting Countries’ (Opec) decision to extend voluntary production cuts until December this year.
“Practically speaking, they will decide by December if they will continue the production cuts. We won’t know until January next year if they will change this,” Abad said.
