Fuel prices up effective Tuesday

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MANILA, Philippines — Local oil companies raised their prices on Tuesday, implementing a 40 centavo increase per liter in diesel and gasoline and 30 centavos in kerosene.

Rodela Romero, director of the Department of Energy’s Oil Industry Management Bureau, said they had expected a fuel price hike as analysts wait for the results of the Organization of the Petroleum Exporting Countries meeting in June.

READ: Oil firms blame strong dollar for price increase

Aside from the US dollar’s strong performance that made petroleum products more expensive for nondollar economies, Romero also mentioned that the demand for fuel recovered in China.

This marked the second straight week that diesel and kerosene prices went up.

Last week, oil companies cut the price of gasoline by 10 centavos but raised those of diesel and kerosene by 25 centavos and 30 centavos, respectively. —Jordeene B. Lagare