Fuel prices surge across the board this week, with gasoline increasing by P1.40 per liter and both diesel and kerosene rising by P1.20 per liter. This marks the second consecutive week of price hikes for petroleum products, taking effect Tuesday morning. With the recent price cuts the past three weeks, and with gasoline dropping by P2.50 per liter and diesel and kerosene by P1.60 per liter, the new increases are set to weigh heavily on motorists.
Independent retailers attribute the price hikes to supply concerns and trade disruptions, driven by new U.S. sanctions on oil producers and potential further production cuts by the OPEC. Fuel companies like Seaoil and Caltex are leading the price adjustments, with similar hikes from Jetti and Clean Fuel, the latter omitting kerosene from its offering.
The Department of Energy (DOE) reports the following as of 25 March: P56.60 per liter for gasoline (RON91), P53.90 for diesel, and P70.67 for kerosene in Manila. Year-to-date, gasoline and diesel prices have risen by P3.25 per liter, while kerosene has seen a slight decrease of P0.30 per liter.
Experts, including Jetti Petroleum president Leo Bellas, cite global supply tightness, U.S. sanctions on Iran, and OPEC’s plans to cut production as major factors. Additionally, the ongoing Russia-Ukraine conflict further disrupted energy markets, contributing to global price volatility.
The impact of these increases is being closely watched by motorists, businesses, and industry stakeholders, as rising fuel costs could further strain household and transportation expense in the coming weeks.
