Fuel prices to increase anew by up to P0.85/L

Motorists are bracing for another fuel price increase, with projections indicating hikes of P0.85 per liter for gasoline and P0.38 per liter for diesel.

If these price adjustments are sustained, this would mark the sixth consecutive week of increases for gasoline and the fifth for diesel.

The cumulative price hikes since the trend began are now P3.10 per liter for gasoline and P3.40 per liter for diesel.

Jetti Petroleum President Leo Bellas attributed the current price surge primarily to the ongoing geopolitical conflict between Russia and Ukraine, particularly Ukraine's intensified attacks on Russian energy facilities.

Bellas anticipates further price increases next week, despite any potential softening of prices in the remaining trading days, projecting hikes of over P1 per liter for gasoline and less than P0.80 per liter for diesel.

The Department of Energy has noted significant price differences for fuel in Metro Manila, with premium gasoline ranging from P50.54/L to P70/L and diesel from P49.20/L to P63.20/L.