Big price hikes for diesel, kerosene

(UPDATE) AFTER last week's rollbacks, all fuel prices went up on Tuesday, with diesel and kerosene having the biggest increases.

The per-liter price of gasoline is up by 85 centavos, diesel by P1.75, and kerosene by P1.90.

The Department of Energy's Oil Industry Management Bureau said the markup was mostly due to recent global oil-related developments.

These include upbeat global demand forecasts from both the Energy Information Administration and the Organization of the Petroleum Exporting Countries, sharper than expected drop in US crude inventories, uncertainties over the timing of the US Fed Reserve on interest rate cuts, and reductions of both Saudi exports to China and potential US reserve purchases.

So far this year, the price of gasoline has gone up by P6.90 per liter, diesel by P6, and kerosene by 35 centavos.