FUEL companies yesterday announced that diesel prices will be up by P4 per liter starting today.
Petron Corp. and Pilipinas Shell said its petroleum prices will increase by the following amounts starting 6 a.m.:
* Gasoline – P0.50/L
* Kerosene – P2.75/L
* Diesel – P4/L
Shell said higher premium and freight costs are already included in the price hike.
Caltex said price increase for its products will be effective 12:01 a.m. today.
CleanFuel said its gasoline prices increase by P0.50 per liter and its diesel prices by P4 per liter starting 4:01 p.m.
Experts have attributed the oil price hikes to production cuts in Russia and Saudi Arabia.
Rino Abad, director of the Department of Energy’s oil industry management bureau, said that Saudi Arabia had committed to reduce oil production by 1 million barrels daily, with Russia also cutting production by 300,000 to 500,000 barrels a day.
Both countries implemented the production cuts following the ministerial meeting of the Organization of the Petroleum Exporting Countries (OPEC+) on Aug. 3, Abad said in a public briefing Monday. (ABS-CBN News)
