The various fuel retailers have raised their price for the fourth consecutive time this week, marking the largest increases this year for diesel and kerosene.
Seaoil and Caltex implemented price hikes of P2.65 per liter for gasoline, P2.70 for diesel, and P2.60 for kerosene, while Clean Fuel and PTT raised gasoline and diesel prices by the same amount.
The surge is attributed to concerns over supply disruptions stemming from ongoing geopolitical tensions in the Middle East and the impact of Hurricane Milton on U.S. fuel demand. According to the Department of Energy (DOE), as of October 8, the price of fuel in Manila averaged P54.53 for gasoline (RON91), P51.95 for diesel, and P68.30 for kerosene.
Year-to-date, gasoline prices have increased by P6.40, while diesel prices rose by P4.05, with kerosene seeing a net decrease of P5.35.
Brent crude oil futures settled at $79.04 a barrel last week, driven by fears of escalated conflict between Israel and Iran, which could impact Iranian oil infrastructure.
Additionally, Hurricane Milton’s effects on Florida’s fuel consumption have contributed to rising prices.
The DOE also said that an increase in the required biodiesel blend to 3 percent (B3) could add an estimated P0.30 per liter to diesel prices, although this adjustment has not yet been reflected in current price hikes.
