Fuel prices hike by P0.80 per liter for gasoline and diesel, P0.10 for kerosene starting Tuesday

Retailers announced a fuel price hike starting Tuesday, February 18, reversing last week's rollback where prices were reduced by P0.10 per liter for gasoline and diesel, and P0.30 per liter for kerosene.

Chevron Philippines Inc., Seaoil Philippines Corp., Shell Pilipinas Corp., Cleanfuel, Petro Gazz, and Caltex will increase prices by P0.80 per liter for gasoline and diesel, while kerosene's price will rise by P0.10 a liter.

The Department of Energy-Oil Industry Management Bureau cited Middle East tensions and sanctions against Iran and Russia as reasons for the anticipated price increases.

Analysts attribute these recent fuel price adjustments to rising geopolitical friction in the Middle East, potentially slowing down oil production and transport, along with US sanctions on Russia and Iran.

With newly seated US President Donald Trump planning further pressure on Russian oil, China and India—Russia's top buyers—are struggling to access cheaper Russian crude, adding uncertainty to future price rollbacks.