Gasoline, diesel prices up starting Tuesday

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MANILA, Philippines — After two weeks of slashing their prices, fuel companies will implement increases covering only gasoline and diesel starting Sept. 24.

In separate advisories on Monday, Seaoil, CleanFuel, Petro Gazz, Caltex and Shell Pilipinas said that per liter, the gasoline prices would go up by P1.10 and diesel by 20 centavos. There will be no movement in the kerosene price.

The price hikes came after two consecutive weeks of reductions ranging from P1 to P1.65 per liter for all three fuel products.

READ: Fuel prices down by at least P1/liter anew starting Sept 17

Rodela Romero, director of the Department of Energy’s Oil Industry Management Bureau, earlier said the increases could be blamed on external factors, such as the US Federal Reserve’s “aggressive” interest rate cut and the conflict in the Middle East.

Romero also said the decline in US crude inventories could influence the price hikes.

Following this week’s adjustments, the year-to-date net increases of gasoline and diesel are P5.95 and P1.95 per liter, respectively, while kerosene remains at a net decrease of P6.35 per liter. —Lisbet K. Esmael