MANILA, Philippines, September 19 ------ Prices of local fuel products will rise for the 11th consecutive week, as Russia and Saudi Arabia extended voluntary production cuts. Pilipinas Shell and Caltex announced increases of P2.50 per liter for diesel and P2 per liter for gasoline and kerosene. Other companies are expected to announce the same price hikes. The adjustments will take effect today.
Pump prices have not slowed down since July, bringing total increases for diesel to P16.90 per liter, gasoline to P11.60, and kerosene to P15.74. Rising oil prices, alongside higher rice prices, resulted in inflation spiking to 5.3% last August, ending six straight months of deceleration. Year-to-date, inflation is at 6.6%.
The government recently began distributing P2.95 billion in fuel subsidies for operators of public utility vehicles. Jeepney fare hike petitions are also being reviewed.
Source: rappler.com
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