OIL companies are implementing another “big time” price increase for petroleum products this week, with both gasoline and diesel rising by P1.45 per liter. In their advisories, the oil firms will be implementing the price hike at 6:00 a.m. on Tuesday, Feb. 26. The price of kerosene will also increase by P1.35 per liter. This week’s increase is the biggest so far this year for gasoline, beating the P1.40-per-liter rise on the second week of January. Diesel prices were highest this year during that same week when it reached P2.30 per liter. The Department of Energy (DoE) said oil-producing countries had been trying to correct the supply surplus situation and had agreed to cut back on output to bring both oil supply and prices to normal. “However, recent political events in Venezuela, along with the waiving on the sanctions on Iran expiring on April, caused prices to steadily increase affecting the local market,” DoE said.
