Oil firms hike fuel prices for 7th straight week

Oil firms will implement another price hike on Tuesday, marking the seventh straight week of increases.

Diesel prices will rise by PHP1.05 per liter and gasoline by PHP1.20 per liter; kerosene prices will increase by PHP0.65 in some cases.

Since last week's adjustments, local gasoline prices have increased by PHP6.75 per liter, diesel by PHP9.15 per liter, and kerosene by PHP8.45 per liter year-to-date.

S&P Global Platts attributes the price increases to supply constraints due to geopolitical tensions between Russia and Ukraine, with stable demand in Asia as economies recover from the pandemic.