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MANILA, Philippines — Gasoline and diesel prices rose for the third straight week on Tuesday. In separate advisories, oil companies jacked up the price of gasoline by P1.30 per liter, diesel by P1 per liter, and kerosene by P1.35 per liter effective Tuesday.
The price hike is, however, smaller than the previous week. Per liter, gasoline rose by P2.80, diesel by P2.25, and kerosene by P2.40 last week.
Cumulative adjustments now stand at P7.20 per liter for gasoline, P3.05 per liter for diesel, and P4.55 per liter for kerosene.
The US Department of Agriculture, however, said local pump prices might decrease as the government pushes for increasing ethanol blends in gasoline.
Under the Biofuels Act of 2006, all liquid fuels for motors and engines sold in the Philippines must be blended with biofuels. The current blend of ethanol for gasoline is 10 percent.