Metro Manila, Philippines – Fuel prices will end a successive downward trend with an impending higher adjustment this week, said oil industry participants on Monday, Aug. 19
Gasoline and kerosene will cost a peso more per liter, while diesel will be higher by P1.20 per liter effective Tuesday, Aug. 20.
Among the reasons for the price hike is the growing tension in the Middle East “that could threaten production in one of the world’s major oil sources as Iran vows retaliation.”
The easing of the US monetary policy and “the fear that subsided on the possible US recession” are factors as well to the price adjustment.
NewsWatch Plus correspondent Daniza Fernandez contributed to this report.
