Motorists should brace for a hefty price increase in petroleum products today. Oil firms announced Monday an increase of P3.50 per liter in diesel, P3.25 per liter in kerosene, and P2.10 per liter in gasoline.
Oil firms announced Monday an increase of P3.50 per liter in diesel, P3.25 per liter in kerosene, and P2.10 per liter in gasoline.Petron Corporation said it will implement a P4.55/kilogram increase in LPG prices effective August 1.These reflect the international contract price of LPG for the month of August, Petron said.
This is the fourth consecutive week of price increase for gasoline and the fifth price hike for diesel and kerosene.The Department of Energy said this week’s price increase could have been the result of oil output cuts of Saudi Arabia and hike in US and European Central Bank interest rates.
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