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BLACK GOLD RUSH

August 29, 2023 Edd Reyes 213 views

LOCAL pump prices continue to soar after big and small oil companies announced another round of price increases, marking the eight consecutive week of price adjustments on diesel and kerosene products, and seventh consecutive week for gasoline.

Major oil firms Petron Corporation and Pilipinas Shell, along with small players Seaoil Philippines and Flying V, in their separate advisories on Monday said they will increase the price of diesel by P0.70 centavos per liter, gasoline by P0.30 centavos per liter and kerosene by P0.80 centavos per liter effective at 6 a.m. today.

Earlier, Chevron Philippines, another oil giant, announced the same level of price adjustments on its petroleum products much earlier at 12:01 a.m.

In separate advisories, independent oil firms PTT Philippines, Petro Gazz, Unioil Philippines, Total Philippines, Phoenix Petroleum and Eastern Petroleum which do not sell kerosene, will implement the same price increases on their diesel and gasoline products at 6 a.m. while Clean Fuel at 4:01 p.m.

The Department of Energy’s Oil Industry Management Bureau earlier announced that global oil price hikes are expected to continue until December this year due to tighter supply following the output cuts of one million barrels a day since June by Saudi Arabia and Russia.

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