MANILA — Oil companies on Monday announced a large hike in the prices of their diesel, fuel, and kerosene products.

Shell, Seaoil, and Petron said pump prices will increase by the following amounts from 6 a.m. on Aug. 1, Tuesday:

• - Gasoline: P2.10/L
• - Diesel: P3.50/L
• - Kerosene: P3.25/L

Caltex also announced it will hike prices on the following products starting 12:01 a.m.

• - Gasoline: P2.10/L
• - Diesel: P3.50/L
• - Kerosene: P3.25/L

CleanFuel is also raising gasoline prices by P2.10 per liter, and diesel by P3.50 per liter starting 4:01 p.m. Tuesday.

Phoenix Petroleum, UniOil, PTT, and PetroGazz are increasing prices by the same amount starting at 6 a.m. on August 1.

Jetti Petroleum is also increasing the prices of its gasoline products by P2.10 per liter, and its diesel by P3.50 per liter.

Industry analysts attribute the increase to production cuts by Saudi Arabia and Russia.

• Saudi extends oil production cut as Russia reduces exports

More details to follow.

• Diesel, kerosene prices to increase by around P3 to open August

— With reports from Alvin Elchico, ABS-CBN News