Fuel prices to rise for 6th straight week amid global tensions

Fuel prices in the Philippines are set to increase for the sixth consecutive week starting Tuesday, September 23, with gasoline and kerosene rising by P1 per liter and diesel by P0.80 per liter.

The Department of Energy attributed this hike to unrelenting geopolitical tensions, including proposed EU sanctions on Russian liquefied natural gas and actions against shadow fleet vessels.

Ukraine has reportedly launched hundreds of drones targeting Russian refineries and energy infrastructure to disrupt revenue streams.

The European Union is preparing its 19th sanctions package against Russia, aiming to tighten restrictions on its access to financing.

New US sanctions on Russian oil and potential EU sanctions were previously cited as contributing factors.

Russia was the world's third largest oil producer in 2023, accounting for 11 percent of the total global production.

Growing fears of supply disruptions from Russia continued to rattle the global oil market.