Motorists have yet to get a reprieve from weeks of fuel price hikes, as local oil companies announced price increases of as much as P4 per liter—the highest such increase this year—effective on Tuesday, Aug. 8. | MegINQ /PDI
In separate advisories, the oil firms said they would increase the price of diesel by P4 per liter and gasoline by 50 centavos per liter. The price of kerosene was jacked up by P2.75 per liter.
This is the second consecutive week that hikes in the pump prices of petroleum products breached the P3- mark. Saudi Arabia had announced that there would be a decline on crude production by 1 million barrels per day , resulting in a two-year low of 9 million b/d.
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