Oil firms hike pump prices

October 7 ------ FUEL prices increased on Tuesday, Oct. 7, as global developments continue to influence oil markets. The per-liter price of diesel will go up by 80 centavos, gasoline by 20 centavos, and kerosene by 20 centavos.

The increase is mostly due to the market reacting to Russia’s recent oil export bans and the US imposing new oil sanctions against Iran.

Other factors that slightly influenced prices include the shifting of regional oil flows to the West to meet autumn demands from the US and Europe, some refineries in the region undergoing maintenance, and the market concerns about a global market glut from the prospect of higher OPEC+ production output.

Source: manilatimes.net