By Gabriela Baron
There will be an increase in the prices of petroleum products on Tuesday, Feb. 21.
Diesel prices are expected to increase from P0.70 to P1.00 per liter, while prices of gasoline are projected to increase from P0.60 to P0.90 per liter.
The Department of Energy attributed the price hike to Russia’s plan to cut their crude production.
The International Emergency Agency earlier announced that the world oil demand is predicted to rise by two million barrels daily this year.
Also one contributory factor is the increase in demand of China as a result of lifting of their “Zero COVID” Policy.