Fuel prices climb for 3rd straight week

Motorists are in for another budget squeeze as fuel prices climb for the third straight week, with gasoline up by P0.50 per liter and diesel by P1.00 per liter starting this morning.

In separate advisories on Monday, oil companies confirmed the price hike but noted that kerosene prices will remain frozen in areas battered by super typhoon “Uwan” under the government’s mandated price freeze.

Geopolitical tensions

Oil Industry Management Bureau Director Rodela Romero pointed to geopolitical tensions and production factors as additional drivers of the hikes.

“A combination of Ukraine’s drone attack to Russia’s Black Seaport, its major export hub and sanctions contributed to the increases. On the other hand, expectation of OPEC+ production ramp up is making the oil market bearish,” Romero said.