Motorists will shoulder another hefty increase in fuel costs this week, pushing transport expenses higher and threatening to fan inflation further as oil companies raise diesel prices by P7.32 per liter and gasoline by P6.80 per liter.

The Department of Energy’s (DOE) Oil Industry Management Bureau reported on Tuesday that fuel retailers started increasing gasoline prices by P6.80 per liter, diesel and premium diesel by P7.32 per liter, and kerosene by P4.22 per liter this morning.

Speaking to reporters, Energy Secretary Sharon S. Garin acknowledged that households and businesses are already feeling the strain of successive fuel price increases, with higher transport costs expected to spill over into the prices of goods and services.

“We know that many households have been adjusting their budgets over the past several weeks, as fuel prices continue to rise. Businesses are also managing higher transport costs, and this eventually affects the prices of goods and services that families rely on every day,” Garin said.

The Energy chief noted that the latest price adjustments continue to reflect geopolitical tensions in the Middle East, which have kept global oil markets under pressure.

“As the Philippines imports most of its petroleum requirements, our domestic market, in its current state, feels the effects of conflicts in other countries,” she said.

The latest increase lifts Metro Manila pump prices to around P86.32 to P98.82 per liter for diesel and P76.40 to P106.50 per liter for gasoline, depending on the fuel grade and retailer.

Despite the latest price hike, Garin assured the public that the country’s fuel supply remains stable, with inventories staying at healthy levels despite the ongoing conflict in the Middle East.

“For now, our fuel inventories remain sufficient. Our supply is in good condition. It is stable. It has not fallen to an alarming level. It has maintained a very healthy level from the start of the war until now. And there is no disruption to supply,” she said.

As of 24 July, the country had an estimated 44.74 days of petroleum supply based on average daily demand.

Gasoline inventories were sufficient for 44.79 days, diesel for 42.38 days, and kerosene for 125.76 days.

Jet fuel stocks could last 77.12 days, while fuel oil and liquefied petroleum gas inventories were estimated at 37.75 days and 35.77 days, respectively.

The DOE said the country consumes an average of 78.08 million liters of petroleum products daily, including 34.65 million liters of diesel and 24.63 million liters of gasoline.