Hefty fuel price hike after drop last week

AFTER LAST week’s brief respite, consumers are faced this week with another hefty oil price increase, with gasoline prices posting the biggest increase at P1.15 per liter (/L). Diesel will increase by P0.95/L, while kerosene will rise by P0.85/L. Oil companies that issued price adjustment advisories as of Monday afternoon timed the increase at 6:00 a.m. on Tuesday. This week’s increase follows last week’s price cut, with diesel and kerosene dropping by P1.00 and P1.25, respectively. Gasoline prices were down by P0.70 last week. Weekly prices adjustments for July were mostly on the rise, with the month’s last week recording the biggest increase. — Victor V. Saulon