Oil prices post biggest hike in 5 months

MANILA, Philippines — Local pump prices jumped by more than a peso per liter this week, the biggest weekly increase in five months, as news about a vaccine against COVID-19 buoyed the international market.

Petron, Seaoil, Total and PTT announced increases of P1.55 per liter of diesel and P1.05 per liter of gasoline effective 6 a.m. on Tuesday.

Petron and Seaoil raised prices of kerosene by P1.30 per liter.

—Ronnel Domingo