Motorists hit by fuel price hike again

Motorists will pay more at the pump starting today as oil companies implement increases across all fuel types, ending a two-week streak of mixed price movements.

In separate advisories on Monday, fuel retailers announced that gasoline prices will rise by P0.60 per liter, diesel by P0.95, and kerosene by P0.30 per liter.

Over the weekend, Department of Energy-Oil Industry Management Bureau Director Rodela Romero said pump prices were expected to go up due to global supply pressures and geopolitical tensions.

She cited several international factors behind the hike, including persistent hostilities between Russia and Ukraine, uncertainties surrounding the U.S.-Iran nuclear deal, and wildfire-related production disruptions in Canada.

A sharper-than-expected drop in U.S. crude inventories also contributed to tightening global supply.