Oil firms impose big fuel price hike

THE prices of fuel went up by more than P1 on Tuesday.

The per-liter price of gasoline was raised by P1.50, diesel by P2.10 and kerosene by P1.20.

Oil industry sources attributed the hefty increases to developments in the Middle East and in the US. A storm is expected to cut US oil output in the Gulf of Mexico, the OPEC+ is delaying its plans to boost production in December, and the US Federal Reserve is planning another interest rate cut.

Since January, the price of gasoline has increased by P10.15 per liter and diesel by P9.40 per liter.

The price of kerosene has a total net decrease of P1.40 per liter.