Fuel prices to increase anew due to global supply worries

Fuel prices are set to increase for the second consecutive week starting Tuesday, February 25, with gasoline prices rising by P0.70 per liter, diesel by P0.40 per liter, and kerosene by P0.20 per liter.

This adjustment is attributed to concerns over potential supply disruptions in the global oil market.

Key factors contributing to the price hikes include Ukrainian drone attacks on Russian infrastructure, and the G7's proposed tightening of the oil price cap on Russia.

Additionally, reports suggest OPEC+ may delay its planned output hikes in April, and supply constraints in Russia, along with tighter gasoline availability in the region ahead of Ramadan, are keeping prices elevated.

The year-to-date net increase in gasoline and diesel prices is now P4.75 per liter, and P2.90 per liter for kerosene.