Meanwhile, diesel prices have gone up by one peso and forty cents per liter, while the cost of kerosene has also risen by one peso per liter.
(Picture from Taguig.com)
Last week, the price of gasoline ranged from P57.00 to P69.78 per liter, while diesel was priced between P55.05 to P57.00.
The Department of Energy Oil Industry Management Bureau (OIMB) stated that the increase in the price of petroleum products is still due to the ongoing war in the Middle East.
The cold weather has also contributed as it has increased the demand for petroleum heating fuel in the United States and Europe.
In addition to this, OPEC+ has reduced its production by 2.2 million barrels per day until April.
Meanwhile, the exchange rate of the dollar to the peso as of January 6 was P58.27.
