Motorists face another stressful holiday drive as gas and diesel prices are set to rise this week.
Effective Tuesday, Dec. 24, the price of diesel will increase by P1.45 per liter, bringing it close to a P2 rise.
Gasoline will also increase by P0.50 per liter, and kerosene by P0.75 per liter.
Several oil companies—including Shell, PetroGazz, CleanFuel, Caltex, and Jetti Petroleum—have announced this price movement for the entire week.
Previously, gasoline prices ranged from P57.6 to P69.58 per liter, while diesel ranged from P53.9 to P66.84 per liter.
The United States' declining crude oil supply, coupled with the strong US dollar against the peso, contributed to this week's price adjustment, according to the Department of Energy's (DOE) Oil Industry Management Bureau (OIMB).
Additionally, supply concerns have emerged due to tighter sanctions on Russia and limited exports from China and South Korea, further contributing to oil price volatility.
These rate adjustments mark the fourth consecutive week of gasoline price increases and the second consecutive week for diesel.
So far in December, gasoline has increased by P2.85 per liter, and diesel by P2.25 per liter.