- CHERYL G. CRUZ
The eighth consecutive week of price increases for diesel and kerosene, and the seventh for gasoline, will take effect tomorrow, Aug. 29.
Oil companies said diesel will increase by P0.40 to P0.60 per liter, gasoline by P0.10 to P0.20/L, and kerosene by P0.40 to P0.85/L.
Since the start of this year, gasoline logged a net increase of P14.50/L, diesel at P8.80/L, and P5.84/L for kerosene.
Department of Energy Oil Industry Management Bureau director Rino Abad said in an earlier press briefing that price hikes are expected to continue until the end of the year, with demand expected to increase during the ‘ber’ months.
He said that tighter supply has boosted global oil prices, with output cuts from Saudi Arabia and Russia, and oil shortage of around one million barrels a day since June.
Abad said in a PNA report that average pump price for gasoline stood at P73/L, P67/L for diesel, and around P80/L for kerosene./CGC
