MANILA – Fuel prices will rise anew starting Tuesday morning, making the second consecutive week of price increase.
In separate advisories, Chevron, Cleanfuel, Petro Gazz, PTT Philippines, Seaoil, Shell, Total and Petron said they will hike gasoline prices by PHP0.85 per liter and PHP0.30 per liter for diesel products.
Chevron, Seaoil, Shell and Petron said prices of kerosene will also go up by PHP0.25 per liter.
Oil industry experts attributed the higher fuel prices to Saudi Arabia’s announcement of output cut for the month of February.
The oil producing country said it will cut its output by additional 1 million barrels per day, or equivalent to 1 percent of the global supply.
“Improvement in gasoil/diesel cracks (crude versus gasoil) in the past three months has been noted to be slow but in consistent pace, in view largely to the effectiveness of Asian refiners in curtailing run rates while demand continues to recover,” the Department of Energy oil monitor bulletin said. (PNA)