OIL companies increased the prices of gasoline by 20 centavos, diesel by 50 centavos and kerosene by 50 centavos on Tuesday.
The Department of Energy’s Oil Industry Management Bureau attributed the increase to weaker oil demand in China and the US, a surprise increase in US oil stocks, geopolitical risks stabilizing with the resumption of talks on a ceasefire in the Middle East, and South Korea’s increase in oil demand.
Since January, the price of gasoline has gone up by P8.75 and diesel by P6.55.
The price of kerosene, on the other hand, has slid P3.10 per liter.
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