Manila: Prices of fuel are set to sustain their rise, with another hike by as much as PHP1.90 per liter scheduled for August 5. In an advisory, Seaoil and Petron announced that effective 6 a.m. on Tuesday, they will increase the price of gasoline by PHP1.90 per liter, diesel by PHP1.20 per liter, and kerosene by PHP1 per liter.
According to Philippines News Agency, Caltex will implement a price increase of PHP1.30 per liter for gasoline products, PHP0.90 per liter for diesel, and PHP0.75 per liter for kerosene, effective at 6:01 a.m. Jetti will also raise its gasoline prices by PHP1.90 per liter and diesel by PHP1.20 per liter, starting at 6 a.m. on Tuesday.
The adjustments reflect the movement in prices of refined fuel products, freight, and market premiums in the international market. This change is attributed to fluctuations in international oil prices due to weaker demand forecasts in the US after a recent weaker jobs report and the possibility of higher production by the Organization of the Petroleum E
xporting Countries and its allies.
Oil prices have been increasing since last month. However, the upward price adjustments were deferred in several calamity-hit areas in the country last week, based on an agreement between the Department of Energy and oil firms.
