MANILA -- Motorists will be rudely greeted by somewhat substantial increases in pump prices this Holy Week, as oil companies are set to implement the upward adjustment at 6 a.m., Tuesday.
The Department of Energy (DOE), in a statement, traced these upticks to the production cuts by major oil producing countries, the rebound of China’s exports last March, and the US sanctions on Iran and Venezuela.
The Organization of Petroleum Exporting Countries (OPEC), along with Russia and other non-OPEC member countries, vowed to reduce production by 1.2 million barrels per day in the first half of the year in a bid to address price drops last year.
A plan to extend the output cuts is reportedly being considered as other oil producing countries try to exert tighter control on supply.
Seaoil, Petro Gazz, PTT Philippines, Petron and Flying V will increase price of their gasoline products by Php1.05 per liter and diesel by PHP0.75 per liter.
Seaoil, Petron and Flying V will also adjust upwards the price of their kerosene by PHP0.60 per liter. (PNA)
