OIL prices are set to rise for the 10th straight week as major players continue supply cuts until the end of this year.
Based on estimates, diesel prices will increase by P0.30 to P0.60 per liter this week. Gasoline prices will increase by P0.10 to P0.40 per liter while kerosene will increase by P0.20 to P0.50 per liter.
From July 11 to Sept. 9, diesel prices have increased by P14.40 per liter, while gasoline prices have increased by P9.65 per liter, and kerosene has increased by P13.74 per liter.
This means the total increase for diesel the last three months will reach P15 per liter this week.
Russia and Saudi Arabia earlier said they will extend their oil export cuts until the end of the year. Russia has cut 300,000 barrels per day from its production while Saudi Arabia cut 1 million barrels daily from its production.
The wave of oil prices prompted transport groups to call for fare hikes, and has seen ripple effects in prices of basic goods such as vegetables which are being transported by land. (ABS-CBN News)
