Holiday bad news!

The prices of petroleum products in the domestic pumps register another hike after four straight weeks of decline. Thus, motorists need to adjust their fuel expenses this Christmas week.

In separate advisories on Monday, local oil companies announced that diesel prices increased by P2.90 per liter and gasoline by P0.70 per liter. Kerosene prices also increased by a hefty P1.65 per liter. The adjustments take effect on Tuesday morning.

The Department of Energy said the price increases were driven by the easing Covid-19 lockdown in China, which prompted an increase in regional demand.

Likewise, demand in Asia indicated that Indonesia, Southeast Asia's largest importer of gasoline, poses to import around 10 to 11 million barrels of gasoline in December ahead of New Year celebrations, higher than November estimate.

Since the start of the year, diesel prices have already increased by P24.60 per liter, gasoline by P13.25 per liter, and kerosene by P19.15 per liter.

As of 15 December, the prevailing gasoline prices in Quezon City, Metro Manila's largest city, range from P56.40 to P65.69 per liter as of 9 December.

Diesel prices, meanwhile, range from P64.08 to P67.19 per liter in Makati City, the country's top financial hub. In Manila, kerosene sells from P69.66 to P78.50 per liter.

Oil companies announce price adjustments every Monday to be implemented the following day's morning.