Photo by Boy Santos/STAR

Big hike in fuel prices looms

Gas up early.

Fuel prices are set to increase significantly starting Tuesday.

Unioil Petroleum said in its weekly forecast that diesel should go up by P0.65 to P0.75 per liter while gasoline by P1 to P1.10 per liter.

Prices of oil globally spiked in the first half of the week due to the ongoing tensions in the Middle East and production cuts of the Organization of Petroleum Exporting Countries, The STAR reported.

Last week, local oil companies increased gasoline prices by P0.25 per liter while diesel was cut by P0.40 per liter.

The STAR reported that based on data from the Department of Energy, the year-to-date adjustments stand at a net increase of P5.15 per liter for gasoline and P3.30 per liter for diesel. – With Danessa Rivera/STAR

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