Oil price hikes have yet to pause as local industry players announced another pump price increment effective Sept. 5. In separate advisories, Caltex, Cleanfuel, Jetti, Petro Gazz, Phoenix Petroleum, Seaoil and Shell said they will increase gasoline prices by PHP0.50 per liter and PHP1.20 per liter for diesel. Caltex, Seaoil and Shell will also hike kerosene prices by PHP1.10 per liter. This will be the ninth consecutive week that oil firms implement price increases in fuel products. Global industry experts expect that oil prices in the global market will remain elevated in the remaining months of the year as they forecast that the Organization of Petroleum Exporting Countries and its allies (OPEC+) will continue to tighten their output. As of writing, West Texas Intermediate (WTI) crude pegged at USD85.53 per barrel while Brent traded at USD88.7 per barrel. With the price hikes last week, there were net increases of PHP17.94 per liter for gasoline, PHP11.10 per liter for diesel and PHP9.35 per liter for kerosene.
Source: Philippines News Agency
