Fuel prices may rise by up to P1.40 per liter starting April 1

Motorists may face higher fuel prices starting April 1st due to recent trading in the Mean of Platts Singapore (MOPS), with gasoline projected to increase by around P1.20 to P1.40 per liter and diesel by P1.00 to P1.20.

Analysts from the Department of Energy's Oil Industry Management Bureau attribute these price hikes to geopolitical tensions such as US sanctions on Iran, which could decrease oil production by 1 million barrels, potential tariffs on Venezuelan crude oil, and ongoing attacks on energy installations in Russia and Ukraine.

Jetti Petroleum noted that declining crude and fuel inventories in the United States indicate strong market demand, while OPEC+ plans further output cuts by seven member nations to address past overproduction.

Last week's prices in Metro Manila were P55.25 to P69.67 per liter for gasoline, P50.80 to P58.20 for diesel, and P70.27 for kerosene.

The latest OPEC+ output plan could exacerbate supply constraints as it requires additional oil production cuts from member nations.