Oil prices rise for 10th straight week

Oil prices are rising for the 10th consecutive week due to supply cuts by Russia and Saudi Arabia.

Diesel prices increased by P0.40/L, gasoline by P0.20/L, and kerosene by P0.20/L according to announcements from major oil companies effective September 12.

From July 11 to September 9, diesel prices rose by P14.40 per liter, gasoline by P9.65 per liter, and kerosene by P13.74 per liter.

Russia will extend its export cuts of 300,000 barrels per day until the end of the year, while Saudi Arabia will maintain a cut of 1 million barrels daily.