Big-time oil price hike set on Tue
A big-time oil price hike is set for Tuesday, August 8, 2023, according to sources at the Department of Energy (DoE).
Energy sources said diesel may increase by P3.70 to P4 per liter, kerosene by P2.70 to P3.00/liter and gasoline by P0.20 to P0.50 centavos per liter.
Oil firms usually announce their weekly price adjustments on fuel prices every Monday, which will take effect the following day.
Department of Energy Oil Industry Management Bureau (OIMB) Director Rino Abad said the continued cut down of oil production of Saudi Arabia and Russia resulted in another increase of prices of fuel products in the international oil market.
For the past five weeks, diesel prices have increased by around P10 per liter and gasoline by P5 per liter.
