Fuel costs will rise anew starting this morning, marking the second consecutive week of price increases.
In separate advisories, Chevron, Cleanfuel, Petro Gazz, PTT Philippines, Seaoil, Shell, Total, and Petron said they will hike gasoline prices by P0.85 per liter and P0.30 per liter for diesel products.
Chevron, Seaoil, Shell, and Petron said prices of kerosene will also go up by P0.25 per liter.
Oil industry experts attributed the higher fuel prices to Saudi Arabia’s announcement of output cut for the month of February.
The oil producing country said it will cut its output by an additional one million barrels per day, or equivalent to one percent of the global supply. “Improvement in gasoil/diesel cracks (crude versus gasoil) in the past three months has been noted to be slow but in consistent pace, in view largely to the effectiveness of Asian refiners in curtailing run rates while demand continues to recover,” the Department of Energy oil monitor bulletin said.*PNA