Fuel price hike reverses major Holy Week reprieve
(FILE PHOTO) A gasoline attendant, his movements swift and focused, fills the tank of a truck in Quezon City on Tuesday. The steady rise in fuel prices casts a heavy shadow over the routine task, as the cost climbs with each click of the nozzle, adding to the mounting financial strain felt across the city.
PHOTOGRAPH BY ARAM JAN LASCANO FOR THE DAILY TRIBUNE
Motorists will face higher fuel costs starting Tuesday morning, as oil companies confirmed a fresh round of pump price increases due to fluctuating global trends.
In separate advisories on Monday afternoon, fuel retailers confirmed that gasoline prices will increase by P1.35 per liter, diesel by P1.30 per liter, and kerosene by P1.10 per liter.
The upcoming adjustments will reverse the major rollback implemented last week, which saw gasoline prices drop by P3.60 per liter, diesel by P2.90, and kerosene by P3.30.
The cuts, which coincided with the Holy Week exodus, marked the second consecutive week of rollbacks and were among the biggest reductions so far this year.
Rodela Romero, director of the Department of Energy’s Oil Industry Management Bureau, said the price increases were driven by tighter global supply after the United States imposed fresh sanctions on Iran.
She also cited new compensation cuts pledged by OPEC+ members following their surprise output hike in May.
Hopes of progress in US-China trade talks have also raised expectations of stronger demand, further pushing up international oil prices.