Manila: Gasoline prices are set to increase by PHP1.20 per liter starting Tuesday morning, as announced by several fuel companies.

According to Philippines News Agency, Seaoil, PTT Philippines, and Jetti Petroleum have released separate advisories indicating that the price hike will take effect at 6 a.m. on December 9. Despite the increase in gasoline prices, the cost of diesel and kerosene will remain unchanged.

This marks the second consecutive week that gasoline prices have risen, influenced by the potential peace talks between Russia and Ukraine. The United States has been actively promoting these discussions, contributing to the current market trends.

An official from an oil company previously highlighted that the price developments in the region are driven by supply constraints and strong demand in Asia. These factors continue to play a crucial role in shaping the pricing landscape for gasoline.