Oil companies cut diesel prices, hike gasoline
After two weeks of hefty price increases, local oil companies on Monday said they would roll back the price of diesel by P0.40 per liter on Tuesday. The prices of gasoline and kerosene, however, will increase by 30 centavos per liter and 10 centavos per liter, respectively. Last week, motorists reeled from steep price increases triggered by Opec+ (Organization of the Petroleum Exporting Countries) voluntary supply cuts by as much as 1.6 million barrels per day. These pushed local oil companies to hike prices the previous week by P2.60 per liter for gasoline, P1.70 per liter for diesel and P1.90 per liter for kerosene.