MANILA, Philippines — Major oil companies in the country announced on Monday price hikes of P0.75 per liter for gasoline and diesel and P0.45 per liter for kerosene.
The price adjustments, which will take effect on Tuesday, bring the net cumulative increase in fuel prices this year to P5.70 for gasoline, P7.95 for diesel, and P7.20 for kerosene.
Energy Secretary Alfonso Cusi earlier said that prices of local petroleum products were expected to further increase until the first quarter of this year given the current tightness in oil supply in the world market.
Energy prices may begin to decline by the second semester as supply constraints ease, but before we can heave a sigh of relief, additional spikes may occur, he said.
Brent prices surged past $90 per barrel this week — the first time in seven years — on the back of low inventories and the prolonged standoff between Russia and Ukraine.