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Fuel retailers will adjust prices again starting Tuesday, December 10.
According to Seaoil and CleanFuel, only gasoline prices will rise by 40 centavos per liter this week.
The prices of diesel and kerosene, meanwhile, would be reduced by 50 centavos and 75 centavos a liter, respectively.
READ: Fuel price movement: Gasoline up 90¢/L, diesel down 20¢/L
In an earlier statement, Rodela Romero, director of the Department of Energy’s Oil Industry Management Bureau, said a potential hike in gasoline prices could be blamed on the ongoing geopolitical tension in the Middle East, particularly the strikes between Israel and Hezbollah.
She added that the decision of OPEC+, which is composed of the Organization of the Petroleum Exporting Countries and allies led by Russia, to delay output increases could influence price movements.