Gas prices up P2.80, diesel by P1.30/liter

Local oil firms will implement hefty price hikes of P2.80 per liter for gasoline and P1.30 per liter for diesel effective 6 a.m. today.

Department of Energy director for the oil industry management bureau Rodela Romero said the actual increase was higher than the earlier forecast of P2.10 per liter for gasoline due to the $2 per barrel increase in oil prices on Friday.

The latest price movement was also higher than what oil firms announced on Saturday of P2.30 to P2.50 per liter for gasoline and P1 to P1.20 per liter for diesel.

Oil firms will likewise increase kerosene prices by P0.45 per liter.