The Department of Energy  (DOE) said petroleum prices are set to increase this April following new US sanctions on Iran,

Assistant Director III Rodela Romero of the DOE Oil Industry Management Bureau said the following price increases are set to be implemented on April 1, based on the first 4 days of trading on the Mean of Platts Singapore.

Gasoline – P0.85-P1.35/ liter

Diesel – P0.75 – P1.25/ liter

Kerosene – P0.95-P1.10/ liter

Factors affecting oil prices include US sanctions vs Iran, which could lessen oil production by 1 million barrels, as well as ongoing attacks on energy installations in Russia and Ukraine.

US President Donald Trump’s move to impose steep tariffs on imports from countries buying Venezuelan oil and gas is also affecting oil price volatility.

The latest across-the-board 25 percent levies targeting buyers of Venezuelan oil will come into effect April 2, Trump said.