Fuel Prices Set to Rise for Sixth Straight Week, Motorists Brace for Another Hike

There appears to be no relief in sight as fuel prices continue to climb, with the oil market heading into its sixth straight week of increases. Local oil industry experts are advising motorists in the Philippines to prepare for another round of fuel price hikes, with prices expected to rise by more than a peso.

Diesel prices may go up by as much as 1.60 Pesos per liter, affecting trucks and SUVs that rely heavily on the fuel. Kerosene could also see an increase of up to 1.00 Peso per liter, while gasoline is expected to have a smaller adjustment of around 80 centavos per liter.

Industry analysts say global factors are driving the continued increase, including ongoing geopolitical tensions, new sanctions imposed on Iran, and environmental issues in Western countries that are disrupting oil supply.