Motorists still have to tighten their belts to endure the 9th week of fuel price increase this year as an effect of ongoing production cuts implemented by leading oil producers.

Starting tomorrow morning, the prices of diesel sold at the local pumps will increase by P1.20 per liter. Kerosene prices, on the other hand, will also go up by P1.10 per liter, and gasoline prices, by a slight P0.50 per liter.

Data from the Department of Energy showed that as of 29 August, the commutative increase in diesel stood at P9.50 per liter; gasoline, P14.80 per liter; and kerosene, P6.64 per liter.

Meanwhile, as of 31 August, the gasoline prices range from P60.10 to P71.00 per liter in Quezon City, Metro Manila's largest city.

Diesel prices, meanwhile, range from P63.65 to P69.70 per liter in Makati City, the country's top financial hub. In Manila, kerosene sold from P78.81 to P81.30 per liter.

Oil Industry Management Bureau director Rino Abad earlier explained that the consecutive rounds of price spikes were prompted by the low global oil supply due to production cuts.

"This is the continuous effect of Saudi Arabia's production cut of 1 million barrels, which was implemented this August.

Aside from this, Russia, another oil producer, decided to cut around 300,000 to 500,000 barrels per day in its production," Abad explained.

Oil companies announce price adjustments every Monday to be implemented on the following day's morning.

They adjust their prices weekly based on the movement of the Mean of Platts Singapore — the regional pricing benchmark adopted by the deregulated downstream oil sector.