Over P1 per liter hike in gasoline price set for Tuesday

Metro Manila, Philippines - Gasoline prices will increase by over P1 per liter, while diesel and kerosene costs will also hike beginning Tuesday, oil firms announced.

In separate advisories, oil companies said gasoline costs may increase by P1.35 per liter.

Diesel and kerosene, meanwhile, will go up by P0.80 and P0.70 per liter, respectively.

The latest movement marked the second consecutive week of price hikes.

The Department of Energy earlier recently attributed the increase to tight global crude supply triggered by fresh U.S. sanctions on Iran’s oil shipping network and a “sharper-than-expected” decline in America’s crude inventories.