Manila, Philippines – Before the month of August closes, oil firms implemented another round of increase in fuel prices.
The implementation of these price movements started on Tuesday, marking the 2nd consecutive week of increase in oil prices.
This week, gasoline prices are up by 70 centavos per liter, while 50 and 30 centavos per liter in diesel and kerosene respectively.
The Department of Energy (DOE) earlier noted that movements in oil prices this week are associated with the still ongoing tension between Iran and Israel.
Another factor that affected the oil prices are the sanctions and tariff placed by the US on Russia that affects oil supply in the global market.—Mia Layaguin, Eurotv News