Oil firms hike fuel prices by up to 90¢ per liter

MANILA, Philippines  —Motorists will see an increase in the pump prices of petroleum products for the second week in a row this year, with prices expected to rise by up to P0.90 per liter.

The Department of Energy Oil Industry Management Bureau (DOE-OIMB) said the price of gasoline would go up by P0.30 per liter on Tuesday, Jan. 16, while that of diesel would rise by P0.90 per liter.

The price of kerosene will likewise climb by P0.90 per liter.

READ: Oil prices tick up as Middle East tensions rise

According to Rodela Romero, director of the DOE-OIMB, this week’s price increases is due to “escalating conflict in the Middle East, with more attacks on Gaza,” as well as shipping issues in the Red Sea.

All three petroleum products increased by P0.10 per liter last week.

This resulted in a net decrease of P0.25 per liter for diesel and P1.30 per liter for kerosene.