Bad news for motorists! A significant oil price increase takes effect today, April 1.
According to Department of Energy-Oil Industry Management Bureau (DOE-OIMB) Assistant Director Rodela Romero, several factors contribute to the fuel price hike. These include U.S. sanctions on Iran, threats of tariff increases on countries purchasing Venezuelan crude oil, and ongoing attacks by Russia and Ukraine on energy installations.
Here are the price adjustments per liter:
- Gasoline – ₱1.40/Liter
- Diesel – ₱1.20/Liter
- Kerosene – ₱1.20/Liter
Motorists are advised to prepare for higher fuel expenses as these price hikes take effect nationwide.
