Motorists will face higher fuel costs this week as local oil companies set to implement a P1.80 per liter increase for gasoline and diesel and P1.50 per liter for kerosene starting tomorrow morning.
The price adjustment marks the second consecutive week of price hikes across all fuel types, following two weeks of mixed movements.
The Department of Energy (DOE) said the increases reflect developments in the global oil market.
Rodela Romero, director of the DOE’s Oil Industry Management Bureau, attributed the price uptick to rising international crude costs driven by renewed optimism over US-China trade talks and the ongoing US-Iran nuclear stalemate.
She added that the Organization of the Petroleum Exporting Countries has projected sustained oil demand growth over the next 25 years, while geopolitical tensions—exacerbated by Israel’s recent strike on southern Gaza—have also pressured global oil prices upward.
Last week, fuel firms raised pump prices by P0.60 per liter for gasoline, P0.95 for diesel, and P0.30 for kerosene.