Diesel up for 2nd week in a row, gas price higher by P1

MANILA: The price of diesel goes up by P1.10 per liter today, making it the second straight increase after last week’s P0.25 per liter adjustment.

Gasoline meanwhile, after falling P0.20 per liter last week, rebounds today with a P1.75-per-liter increase.

The price hike took effect 12:01AM, June 9 (Tuesday).

Chevron (Caltex) and Seaoil also announced a P1-per-liter surge in the price of kerosene.

These adjustments in the price of oil products are a positive reaction of the market to the news that OPEC (Organization of Petroleum Exporting Countries) and its allies have extended oil production cuts by another month to continue decreasing oversupply amid rising demand.

Prices of West Texas Intermediate (WTI) and Brent crude in the world market have doubled in May and now rests at US$40 per barrel.

Also read: Gas price down, diesel up on second day of GCQ