A big-time oil price hike is set for tomorrow, July 21, according to a Monday report.

The Department of Energy (DOE) announced an increase in prices as follows:

• Diesel: + ₱10.68 per liter

• Gasoline: + ₱3.65 per liter

• Kerosene: + ₱11.77 per liter

DOE Secretary Sharon Garin explained that the global market price of oil shot up due to the continued tensions in the Middle East—raising the prices of risk premium and insurance costs for transporting oil.