FOR the third straight week, fuel prices have gone up.
On Tuesday, the per-liter price of gasoline rose by 80 centavos, diesel by P1.60, and kerosene by P1.10.
The price increase was driven by escalating tension between the United States and Iran; an outage at Kazakhstan’s biggest oilfield, a major US winter storm which has tightened near-term supply; a European import ban on refined products from Russian-origin crude, and the OPEC+ plan to consider pausing its planned output increase. In light of this development, the Department of Energy (DOE) announced that the discounts provided by all oil companies for public utility vehicles (PUVs) are available in certain pump stations, and range from 50 centavos until P3.
The DoE has also said that loyalty discounts for private motorists are also being implemented as well.
Last week, gasoline prices went up by 40 centavos per liter, diesel by P1.40, and kerosene by 80.
