New substantial pump price hikes

Motorists may need to readjust their expenses to keep up with another round of fuel price increases this week — the second straight week of upward adjustments following substantial rollbacks during Holy Week.

In separate advisories on Monday, fuel retailers confirmed the implementation of a P1.36 per liter increase in gasoline prices, P0.80 per liter in diesel, and P0.70 per liter in kerosene prices starting Tuesday morning.

Fresh Iran sanctions

The Department of Energy had already said over the weekend that the fresh US sanctions on Iran’s oil shipping network, which have tightened global crude supply, and a sharper-than-expected decline in US crude inventories were the main drivers of the projected increase.

Fuel retailers raised pump prices last week by P1.35 per liter for gasoline, P1.30 per liter for diesel, and P1.10 per liter for kerosene.

It followed the major rollback implemented during the Lenten break, which saw gasoline prices drop by P3.60 per liter, diesel by P2.90, and kerosene by P3.30.