Fuel hikes strain daily budgets

Motorists and households will feel another hit to their budgets starting this morning, as fuel prices rise across the board — marking yet another increase since the start of the year.

In separate advisories yesterday, fuel retailers confirmed that gasoline prices go up by P1 per liter, diesel by P2 per liter and kerosene by P1.50 per liter.

Hiked global oil prices, geopolitical tensions

The Oil Industry Management Bureau (OIMB) said the latest hike was driven by rising global oil prices, fueled by geopolitical tensions, particularly involving Iran.

OIMB director Rodela Romero said fears of supply disruptions caused a short-lived surge in crude and petroleum product prices, which translated into higher domestic pump prices.

Jetti Petroleum president Leo Bellas, on the other hand, said global markets remain volatile due to tensions in Iran, Venezuela and the Black Sea, adding that concerns over possible disruptions in the Strait of Hormuz and recent drone attacks on oil tankers have kept prices elevated.

Easing factors

While some easing factors, such as higher US oil inventories and recent comments from US President Donald Trump, have tempered market fears, Bellas said prices remain under upward pressure.

Last week, fuel retailers already raised gasoline and kerosene prices by P0.30 per liter and diesel by P0.20 per liter.