Fuel prices renew climb
MANILA, Philippines — After a two-week respite from high prices, motorists will have to tighten their belts anew as oil companies announced a price hike in petroleum products effective Tuesday.
The prices of gasoline and kerosene rose by P0.45 per liter each while the price of diesel climbed by P1.70 per liter, close to industry projections.
Prior to this week’s increase, diesel and gasoline prices have gone up by P25.65 per liter and P15 per liter, respectively, based on the Department of Energy’s price monitoring. Kerosene, mainly used for cooking, lighting, and heating, has risen by P21.10 per liter.
Pump prices in Metro Manila range from as low as P70 per liter or as high as P80 per liter depending on the grade.
Local fuel prices are mainly hinged on the movements of Dubai crude, the Asian bellwether. As of Monday, the price of Dubai crude inched up by 1.08 percent to settle at $104.82 a barrel.