(UPDATE) OIL companies implemented another round of price increase on Tuesday, in reaction to geopolitical tensions, mostly between the US and Iran, and surging demand in certain countries in the grip of winter.
The per-liter price of gasoline went up by P1.20, and diesel and kerosene both by 60 centavos.
This is the fifth consecutive week that oil firms have jacked up pump prices.
The increase was a consequence of price volatility due to Western sanctions and tariff threats on countries buying Iranian goods.
Global oil supply also continues to tighten as India and Europe is shifting away from discounted Russian crude, a move that kept oil prices high.
There was strong buying interest in the region and seasonal uptick in demand as the Lunar New Year approached.
Last week, gasoline and kerosene prices went up by 60 centavos per liter, and diesel by P1 per liter.
Since the start of the year, the price of gasoline has had a net increase of P4.20 per liter, diesel by P7.10 per liter, and kerosene by P4.80 per liter.