Fuel prices up by less than P1

OIL firms raised fuel prices on Tuesday, Sept. 3, 2024.

The cost of gasoline increased by 50 centavos per liter, diesel by 30 centavos per liter and kerosene by 70 centavos per liter.

The Department of Energy's Oil Industry Management Bureau said oil prices in the world market were pushed up mainly by the sudden halt in Libyan oil production and by the international market looking to see by how much the Federal Reserve would reduce its rates in September.

So far this year, the price of gasoline has gone up by P7.40 per liter and diesel by P4.35.

The price of kerosene has gone down by P3.30 per liter.

Last week, oil companies lowered the prices of gasoline by P1.15 per liter, diesel by P1.90 per liter and kerosene by P1.85 per liter.