Manila: Fuel prices are set to increase again Tuesday, between PHP0.10 and PHP0.50 per liter, marking the fifth consecutive week of hikes.
According to Philippines News Agency, in separate advisories on Monday, Seaoil, Jetti Petroleum, Petron, and PTT Philippines announced that prices of their respective gasoline products will increase by PHP0.10 per liter and diesel by PHP0.50 per liter effective 6 a.m. Caltex confirmed it would implement the same rates at 6:01 a.m. on the same day. Additionally, Petron stated that the price of its kerosene will also see an increase of PHP0.10 per liter during the same timeframe.
The rising oil prices are attributed to supply issues due to geopolitical tensions involving Russia and Ukraine, the conflict in Gaza, and the ongoing issues between Israel and the Gulf states. Furthermore, prices are impacted by the anticipated surplus as members of the Organization of the Petroleum Exporting Countries (OPEC) and non-OPEC oil-producing countries plan to ramp up production.