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 tomorrow 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.

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.

Meanwhile, Jetti Petroleum, Inc. President Leo Bellas attributed the sustained increases to stronger regional demand and tight supply.

“Significant increase in the premium for gasoline due to firm regional demand amid tight supply as regional refineries undergo turnarounds,” Bellas said.

Last week, fuel retailers raised pump prices by P1.70 per liter for gasoline, P2.70 per liter for diesel, and P2.10 per liter for kerosene.