Big-time hike in fuel prices set on April 1

Metro Manila, Philippines - Motorists should brace for a big time hike in fuel prices as a new month begins on Tuesday, April 1.

In separate advisories, oil firms said gasoline prices will increase by P1.40 per liter.

Diesel and kerosene, meanwhile, are set to go up by P1.20 per liter.

This marks the second consecutive week of price hikes after implementing upward adjustments last week.

The Department of Energy earlier said US sanctions on Iran could have contributed to the price increase as it could remove one million barrels per day from the global supply.

The US tariff threat on countries buying Venezuelan crude oil is also a factor. Russia and Ukraine’s attacks on energy installations could have resulted in the anticipated rise in crude costs, the agency added.