Motorists face another hefty fuel price increase on Tuesday, with diesel climbing by P5.18 per liter as renewed Middle East tensions and a weaker peso pile more pressure on domestic pump prices.

The Department of Energy (DOE) said Monday oil companies will raise gasoline prices by P4.69 per liter, diesel and diesel plus by P5.18 per liter, and kerosene by P5.58 per liter, effective Tuesday morning.

Based on prevailing Metro Manila pump prices last week, the latest adjustment could push regular diesel prices to P80.18 to P99.40 per liter, while diesel plus could reach P89.38 to P102.68 per liter.

Gasoline could rise to P70.75 to P102.04 per liter, depending on the octane rating and station, while kerosene could climb to P100.88 to P136.10 per liter.

Energy Secretary Sharon S. Garin blamed the increase largely on higher international oil prices as renewed geopolitical tensions threaten energy flows through the Middle East.

“Oil companies will implement upward adjustments in domestic petroleum prices, driven largely by higher international oil prices following renewed tensions affecting energy flows through the Middle East,” Garin said.

The peso's depreciation against the United States dollar has also added pressure on local prices, she said, as the country purchases petroleum products in dollars.

The fresh increase threatens to squeeze further transport workers whose earnings are particularly sensitive to changes in diesel and gasoline prices.

“For a jeepney, tricycle, taxi, or delivery driver, higher fuel costs come directly out of the day's earnings. What matters at the end of the day is how much remains for food, electricity, school expenses, and the other needs of the family,” Garin said.

To cushion the impact, Garin said public utility vehicle and UV Express drivers will continue receiving a P12-per-liter fuel discount, equivalent to as much as P1,800 per week. The DOE has been publishing lists of participating stations under the government's fuel subsidy program. 

Despite renewed volatility in global oil markets, Garin said the country is not facing an immediate supply crunch.

The country currently has about 53 days of petroleum inventory, well above the 30-day requirement imposed on private oil companies.

“We cannot control geopolitical events or international oil prices. What we can do is maintain adequate domestic supply, scrutinize price movements, enforce our inventory requirements, and provide assistance where the government can help ease the burden on consumers,” Garin said.