Motorists will face a hefty fuel price hike starting Tuesday, Oct. 28, with gasoline rising by P1.20 per liter, diesel by P2 per liter, and kerosene by P1.70 per liter.
The increase comes as global supply concerns mount, driven by fresh sanctions on Russian oil giants and the prospect of heightened worldwide demand.
Seaoil, Shell Pilipinas, PetroGazz, and Caltex are among the oil firms that have confirmed the adjustments.
The Department of Energy’s Oil Industry Management Bureau (OIMB) said it is set to discuss price management measures with the agency on Monday.
Geopolitical tensions, particularly the additional pressure on Russian oil stocks, have pushed prices higher this week, as analysts predicted that the United States (US) sanctions on two Moscow-based companies, Rosneft and Lukoil, would prompt the country to end the war in Ukraine. (Gabriell Christel Galang)
