Fuel prices to increase anew this week

Local fuel prices are set for another increase this week, with diesel and kerosene rising by P0.80 per liter and gasoline by P0.90 per liter, starting Tuesday.

This second consecutive weekly price hike is attributed to several global factors, including reduced oil output from OPEC and Russia, which has tightened global supply.

Strong economic activity in the U.S., indicated by a robust employment report, has also increased fuel demand.

Furthermore, China's recent economic stimulus package is anticipated to boost regional oil consumption, contributing to the price increases.

Previously, oil companies implemented a P1 per liter increase for gasoline and kerosene, and P1.40 per liter for diesel in early January.

Last year, gasoline and diesel prices saw net increases of P12.75 and P11.00 per liter, respectively, while kerosene prices decreased by P2.70 per liter.