Oil companies bare hefty hike in gasoline, diesel prices

MANILA, Philippines — Major oil companies announced a hefty oil price hike effective on Tuesday. In separate advisories, local oil companies raised gasoline and diesel prices by P1.45 per liter, P1.90 per liter, respectively, while kerosene prices went up by P1.70 per liter. Since the year began, the cumulative net increase in fuel prices stood at P4.95 for gasoline, P7.20 for diesel and P6.75 for kerosene. This is the fourth consecutive week of oil price increases.

—Karl R. Ocampo