MANILA, Philippines — Oil firms are raising pump prices for the second time this year as global prices were pushed up by Saudi Arabia’s pledge to further cut production. Gasoline prices will be raised by P0.85 per liter, diesel prices by P0.30 and kerosene by P0.25 per liter.
In separate advisories, Petro Gazz, Petron Corp., Phoenix Petroleum Philippines Inc., Pilipinas Shell Petroleum Corp., PTT Philippines and Seaoil Philippines said their price adjustments would take effect at 6 a.m. today.
Meanwhile, Unioil said it would lower prices by 6:01 a.m. while Cleanfuel’s adjustment would be implemented at 4:01 p.m.
Last week, Saudi Arabia said it will cut production by one million barrels per day in February and March.
The oil output reduction will keep the market balanced even if lockdowns are implemented, Reuters reported.