- CHERYL G. CRUZ
The seventh consecutive week of price increases for diesel and kerosene, and the sixth for gasoline will take effect tomorrow, Aug. 22.
Oil companies said gasoline will increase by P1.10 per liter, P0.20/L for diesel, and P0.70/L for kerosene, to reflect movements in the international oil market.
The series of price hikes resulted in a net increase of P13.40/L for gasoline, P8.60/L for diesel, and P5.14/L for kerosene since the start of this year.
Oil prices surged to multiple month highs as tightened OPEC (Organization of the Petroleum Exporting Countries) supply throughout September offset the latest weekly US Energy Information Administration production forecasts and inventory data, the Department of Energy Oil Monitor said.
“It added that the week-on-week price of Dubai crude has increased by around $2.15/barrel. MOPS gasoline, diesel, and kerosene have also increased by about $2.40/bbl, $1.10/bbl and $3.60/bbl, respectively,” the DOE added./CGC
