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5th consecutive major oil price hike seen this week


Metro Manila, August 7 ------ Another major oil price hike is seen to take effect next week with an increase of over ₱3 expected for diesel, industry sources said prices of fuel products are expected to go up next week for the fifth consecutive week: gasoline by 13 to 14 centavos per liter, diesel by ₱3.38 per liter, and kerosene by ₱2.40 per liter.


Last Tuesday, a sharp increase of over ₱2 took effect. Per liter prices of diesel rose by ₱3.50, gasoline by ₱2.10, kerosene by ₱3.25. The Department of Energy's oil price monitor as of Aug. 2 showed price adjustments resulted in year-to-date net increase of ₱11 per liter for gasoline and ₱3.10 per liter for diesel.


Meanwhile, kerosene prices have so far fallen by 10 centavos per liter.


Source: cnnphilippines.com

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