Oil companies will again implement a big-time price hike on Tuesday.

In their public advisory on Monday, Caltex, PTT Philippines (Petron), Shell, Cleanfuel and Seaoil said that the price of diesel will go up by P4.10 per liter and gasoline by P3 per liter.

Caltex, Shell, and Seaoil also said that the cost of kerosene will increase by P3.50 per liter.

Energy Undersecretary Gerardo Erguiza Jr. said that oil prices in the global market remain volatile.

The Oil Industry Management Bureau said that global developments such as the war in Ukraine, the looming European Union embargo on Russian oil and the inability of the Organization of Petroleum Exporting Countries and its allies to replace the demand for Russian fuel continue to affect petroleum prices in the world market.