Effectively starting Tuesday, oil and fuel prices rise

Gas prices in the Philippines increased on Tuesday, with a 40 centavo rise in both diesel and gasoline and a 30 centavo hike in kerosene. Rodela Romero, director of the Department of Energy’s Oil Industry Management Bureau, attributed the price hike to the strong performance of the US dollar and increased demand for fuel in China. This marks the second consecutive week of price increases for diesel and kerosene. Last week, gasoline prices were reduced by 10 centavos, while diesel and kerosene saw an increase of 25 and 30 centavos, respectively. The oil companies are closely monitoring the outcome of the Organization of the Petroleum Exporting Countries meeting in June.

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