Diesel prices up by P1.75 per liter

OIL companies implemented a big-time price increase Tuesday, with the cost of diesel jumping by P1.75 per liter.

The cost of gasoline went up by P1.40 per liter and kerosene by P1.05 per liter.

The Department of Energy's Oil Industry Management Bureau said continued geopolitical tensions and supply risks were pushing up oil prices in the world market.

Last June 18, a Ukrainian drone strike ignited a fire at a major Russian oil terminal, while Israel's «all-out war» with Lebanon's Hezbollah contributed to the tensions, the bureau said.

Last week, the pump prices of gasoline rose by 85 centavos per liter, diesel by P1.75, and kerosene by P1.90.

Since January, gasoline prices have risen by P6.90, diesel by P6 and kerosene by 35 centavos.