Oil prices are set to rise substantially starting Tuesday, March 10.

In a House Committee on Ways and Means panel hearing, Department of Energy (DOE) Secretary Sharon Garin announced that diesel is set to climb by ₱17 to ₱24, while kerosene will see an increase of ₱32 to ₱38.

According to Department of Energy (DOE) Secretary Sharon Garin, the price hike will be implemented in a staggered or gradual manner daily this week.

On March 10, the following oil companies will implement a price increase for gasoline:

• Shell - ₱5.25

• Petron - ₱5.20

• Total - ₱5.10

• Chevron - ₱1.00

• Jetti - ₱2.00

• Seaoil Phils. Inc. - ₱5.50-6.50

On the same day, the following companies will be raising their prices on diesel:

• Shell - ₱14.55

• Petron - ₱11.60

• Total - ₱10.10

• Chevron - ₱2.50

• Jetti - ₱3.00

• Seaoil Phils. Inc. - ₱10.50-11.50

Kerosene will see the highest price hike on Tuesday, as follows:

• Shell - ₱21.60

• Petron - ₱19.00

• Chevron - ₱5.50

• Seaoil Phils. Inc. - ₱16.50-17.50

Overall, the following oil firms will be implementing a total staggered price hike as listed below:

• Shell

• Gasoline - ₱8.75

• Diesel - ₱24.25

• Kerosene - ₱36.00

• Petron

• Gasoline - ₱8.80

• Diesel - ₱19.20

• Kerosene - ₱32.00

• Total

• Gasoline - ₱10.20

• Diesel - ₱20.20

• Chevron

• Gasoline - ₱7.00

• Diesel - ₱17.50

• Kerosene - ₱38.50

• Jetti

• Gasoline - ₱9.00

• Diesel - ₱19.00

• Seaoil Phils. Inc.

• Gasoline - ₱11.00-13.00

• Diesel - ₱21.00-23.00

• Kerosene - ₱33.00-35.00

Garin warned that power rates may also increase due to the added cost of coal transportation.

“If petroleum products increase, power will also increase. Not by the same rate, probably, but it will increase. We have done our simulations also, and we’re trying to work out na baka we can contain the increase or huwag na siyang umakyat,” she said.

“Why is there a possible increase? Because coal only had a slight increase, but the transportation and insurance is more expensive now. That gas, or energy, the imported gas natin, comes basically from Qatar, which has closed down. So we have to find other alternatives,” she added.

The price of liquefied natural gas is now triple, from ₱12 to more than ₱25.

Global oil prices have risen amid heightened conflict in the Middle East. According to Reuters, tensions between US-Israel and Iran might not conclude any time soon, with slain Supreme Leader Ayatollah Ali Khamenei’s son, Mojtaba Khamenei, taking over.