OIL firms raised the prices of fuel on Tuesday, Dec. 17.
The cost of a liter of gasoline and diesel went up by 80 centavos and kerosene by 10 centavos.
The Department of Energy’s Oil Industry Management Bureau attributed the increases to geopolitical developments, including reports that the global primary energy demand is expected to rise by 8 million barrels per day by 2025; the volatile situation in the Middle East following a regime change in Syria and weak oil demand in China.
Last week, the price of gasoline rose by 40 centavos per liter, but that of diesel dropped by 50 centavos and kerosene by 75 centavos.
Since January, the price of gasoline has gone up by P12.55 and diesel by P9.85.
The price of kerosene, however, has slid by P2.55.
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