MANILA, Philippines, January 30 ------ Motorists will see a hefty increase in the pump prices of petroleum products today, with local oil firms saying that prices will rise by up to P2.80 per liter. In separate advisories, the companies said the prices per liter of gasoline would go up by P2.80 and P1.30 for diesel. At the same time, the price of kerosene will climb by P0.45 per liter. Shell and Seaoil will implement the price adjustments by 6 a.m., followed by CleanFuel at 4:01 p.m.
The Department of Energy (DOE) Oil Industry Management Bureau attributed the hefty price increases to the United States’ declining crude stockpile, among others. This marks the fourth consecutive week of price increases this year. Last week, the price of gasoline went up by P1.30 per liter, and diesel by P0.95 per liter. There was no movement in kerosene prices.
According to the DOE, this resulted in a year-to-date net increase of P1.60 per liter for both gasoline and diesel. Kerosene, meanwhile, had a net decrease of P0.40 per liter.
Source: inquirer.net
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