Oil firms cut fuel prices but hikes persist

Oil firms announced a reduction in fuel prices starting Tuesday, with diesel decreasing by P3 per liter, gasoline by P0.70 per liter, and kerosene by P2.30 per liter.

This marks the third consecutive week of declining prices for diesel and kerosine, and the second for gasoline, driven by falling demand in the US and weak exports from China.

Despite these reductions, year-to-date net increases remain at P13.75 per liter for gasoline, P9.35 per liter for diesel, and P3.99 per liter for kerosene as of November 7.