Another hefty oil price hike set this weekGasoline attendant refill the vehicle at the gasoline station along commonwealth avenue in Quezon City (October 11, 2021) while the Petroleum company announced the Oil price hike. MANILA, Philippines — For the seventh straight week, oil firms are raising gasoline prices, this time by P1.30 per liter, diesel prices by P1.50 per liter and kerosene prices by P1.45 per liter. By midweek, oil retreated from multi-year highs due to higher US inventories and the plan to sell oil from its strategic reserves. But at the close, global oil price recovered and surged as the global energy crunch boosted prices to their highest since 2014 and prompted China to demand increased coal production, Reuters reported. “Suspension of excise tax, it needs a law,” Cusi said in a text message to The STAR.

Source: Philippine Star October 11, 2021 15:56 UTC