Fuel Prices Set to Rise Again Amid Heightened Geopolitical Tensions

The market remains unsettled as geopolitical conflicts push oil prices higher, with gasoline anticipated to rise for the sixth week in a row. Industry experts estimate a per-liter increase ranging from P1 to P1.20 for gasoline, P0.60 to P0.80 for diesel, and around P0.65 for kerosene.

These projections are based on recent trading activities in the global oil market over the past four days, with official price adjustments expected to be announced on Monday and implemented starting Tuesday.

The Department of Energy (DOE) attributed the forthcoming price hikes to enhanced US sanctions targeting Russian oil exports and a proposed new sanction package from the European Union. These measures aim to curtail Russia's energy income amidst its ongoing conflict in Ukraine.

Rodela Romero, assistant director of the DOE’s Oil Industry Management Bureau, highlighted Ukraine's extensive drone strikes on over 361 Russian energy facilities as a significant factor disrupting supply chains, thus influencing the price surge.

"The increased attacks on Russian ports and refineries have diminished their energy supplies," remarked Leo Bellas, president of Jetti Petroleum. "Additionally, escalating concerns over potential conflicts in the Middle East continue to drive prices upward."

Last week, oil companies already enacted price increases, raising diesel by P0.50 per liter and gasoline and kerosene by P0.10 per liter, signaling a continuing trend in fuel cost growth.