Oil price risks push pumps higher

Fuel prices are rising once more, dealing a fresh blow to motorists for the third consecutive week. 

In separate advisories on Monday, fuel retailers confirmed that gasoline and kerosene will increase by P0.30 per liter, while diesel will rise by P0.20 per liter tomorrow morning.

“Concerns over the potential halting of Iran oil exports due to civil unrest, disruption of Russian oil exports as the Russia-Ukraine war escalates, and uncertainty of supply from Venezuela have pushed oil and refined fuel products prices higher on the last trading day of the week,” Jetti Petroleum Inc. President Leo Bellas said. 

Oil Industry Management Bureau Director Rodela Romero also noted that prices edged lower this week as markets weighed the possibility of higher crude output from Venezuela. 

Likewise, traders are also watching policy signals from OPEC+ and any efforts by the group to stabilize prices.

The continued increases add pressure on daily commuters and transport operators, who now face higher costs for fuel and goods transportation.

Last week, diesel rose by P0.20 per liter and kerosene by P0.10 per liter, while gasoline dropped by P0.10 per liter.