Oil prices up again; diesel by P1.40 per liter
Oil firms hiked their prices for the second straight week, with diesel going up by P1.40 per liter effective on July 22. The prices of gasoline and kerosene per liter also went up by 40 centavos and 70 centavos, respectively.
The Department of Energy (DOE) said last week that various factors were expected to contribute to this week’s pump price adjustment.
Rodela Romero, assistant director of the DOE’s Oil Industry Management Bureau, attributed the increase to the Organization of the Petroleum Exporting Countries’ steady outlook as it maintained its demand growth projections and the speculation that US President Donald Trump’s “tariff policies will slow global economic growth and energy demand.”
Last week, the prices per liter of gasoline went up by 70 centavos, diesel by P1.40 and kerosene by 80 centavos.
