OIL firms implemented their first fuel price hike for the year on Tuesday, Jan. 7.
The cost of gasoline went up by P1 a liter, diesel by P140 and kerosene by P1.
The Department of Energy’s Oil Industry Management Bureau attributed the increase to international developments, such as the OPEC+ extending its 2.2 million barrels per day production cuts until April 2025, higher fuel demand in the US and Europe due to potentially severe cold weather in January, and continued geopolitical risks and trade tensions.
Last week, the prices of gasoline and diesel were rolled back by 30 centavos and kerosene by 90 centavos.
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