Motorists may need to brace for higher fuel expenses this week as global oil market trends push domestic prices upward.
Fuel companies announced on Monday price hikes of P1.15 per liter for gasoline, P1.10 per liter for diesel, and P0.80 per liter for kerosene, set to take effect tomorrow morning.
Rodela Romero, Director of the Department of Energy's Oil Management Bureau, attributed the increase to ongoing geopolitical tensions involving Russia, which have disrupted market sentiment.
The potential closure of Russian oil refineries, stemming from heavy financial losses and declining production, has further tightened supply.
Additionally, reports of oil production outages in Norway have added to the upward pressure on global oil prices.
This adjustment comes after last week's price reductions of P0.85 per liter for gasoline, P0.75 per liter for diesel, and P0.90 per liter for kerosene, which followed three consecutive weeks of increases.
Since the start of the year up to 12 November, total price adjustments show a net increase of P10.15 per liter for gasoline and P9.40 per liter for diesel, while kerosene reflects a net decrease of P1.40 per liter.