Fuel prices to rise again amid Ukraine conflict

Motorists are facing another fuel price increase, with companies like Jetti, Seaoil, Petron, Caltex, and Shell announcing adjustments.

The latest forecast suggests an increase of P0.85 per liter for gasoline and P0.38 per liter for diesel if current trends persist.

This would mark the sixth consecutive week of price hikes for gasoline and the fifth for diesel, bringing cumulative increases to P3.10/L for gasoline and P3.40/L for diesel.

Jetti Petroleum President Leo Bellas cited the ongoing geopolitical conflict between Russia and Ukraine, including Ukraine's intensified attacks on Russian energy facilities, as the primary driver for the price surge.

Bellas anticipates further price increases next week, potentially exceeding P1/liter for gasoline and less than P0.80/L for diesel, even if prices soften in the final trading days.

The Department of Energy's data highlights significant price disparities in Metro Manila, with premium gasoline ranging from P50.54/L to P70/L and diesel from P49.20/L to P63.20/L.