Fuel prices rise for 3rd straight week

OIL companies raised fuel prices on Tuesday for the third straight week.

The per-liter price of gasoline rose by 95 centavos, diesel by 65 centavos and kerosene by 35 centavos.

The Department of Energy's Oil Industry Management Bureau said the increase was mostly due to continued potential escalation of geopolitical unrest, the continued production restriction of oil-producing countries and the oil forecast for the peak summer season demand which starts at the third quarter of this year.

Since January, the price of gasoline has risen by P9.25, diesel by P8.40 and kerosene by P1.75.