Diesel tops oil price hikes today at P1.40/liter on US recession fears

By Alena Mae Flores

DIESEL led the latest round of oil price hikes of as much as P1.40 per liter effective 6 a.m. today (Tuesday) to reflect the movement of prices in the world oil market.

The oil price hike put an end to three consecutive weeks of price cuts, triggered by concerns of a recession in the United States, the world’s largest consumer of oil products.

Oil prices fell last week to about 2 percent amid the political standoff on the US debt ceiling that stoked recession fears in the world’s biggest oil consumer.

“Uncertainties regarding the US debt ceiling, recent banking issues that could prompt a credit crunch across much of the oil industry and continued strong possibility of a recession remains...